You could potentially be liable as an individual, without the protection of a corporation/LLC, and without the benefit of insurance coverage.  

The rent comes in, I pay the payment and leave the rest in the account to build up for payment coverage, those future repairs, and the day when one of the other tenants decides to retire! 

I spoke with another agent who is stating that I need a policy that covers not only premise liability but also completed operations coverage (builder defect) and am waiting for that quote.  

My concern is that we would lose our umbrella coverage as I thought everything has to be with the main carrier!?

when my property insurance company suddenly outright rejected coverage because of knob-and-tube wiring and multiple layers of roofing and deteriorated chimney.  

and if there is enough equity coverage,,, go ahead and wipe,, I will slap a lien on you, one day I will get paid. 

The zoning would outline maximum building height, site coverage, set-backs from property lines, parking requirements and floor space ratio. 

Another  idea that I have wanted to look into is utilizing an underground network of soaker/drainage lines that keep you from needing a lot of area for sprinkler coverage.  

Switch from full coverage to liability only after paid off - save at least $50 a month.There's a reason I still drive a 1996 Honda Accord, and it's not because all the dates it gets me.

Other than that, you still need to include insurance (interior coverage), power/water, property tax, mortagage.