I believe most homeowners policies assume you have a functional buildings which you may not, that is where the vacant building insurance comes in.

For the property management functions there's resources for screening the tenant that's easily accessible from the home page.

@Manuel Mungaray you can reply to the discussion at the bottom of the screen instead of using the quoting function: 

Also, it has to function as its own entity separate from you.

Here is a visualization.

While it would impact some business plans more than others,  its probably possible to function with 5-10% a year rent increases allowed and vacancy decontrol,   but if we get the more extreme variety like what the far left wants  (inflation or less for increases,   no vacancy decontrol,  etc)  it will be bad.    

I am planning to write out all of the numbers so he can visually see it and realize the situation.

In other words be your functional liability insurance carrier for everything you do without exception and no exclusions?

HELOCs have a variable rate and function as a line of credit that allows draws, HELOANs are fixed rate and lump sum (very similar to a cash out refi, but it does NOT affect your existing mortgage). 

We have a 2 bedroom house with a loft that can function as a third bedroom.