@Alex Olson thank you so much for your advise!

One important advise - assuming you put the property under an LLC - is to have the bank account for that LLC where money comes in and money comes out, to make everything simple.

Unfortunately I do not have any advise, but to answer your initial question, absolutely YES.  

I'd have a local attorney advise you on local requirements. 

Amit,     I would advise you not to invest in PS if this is purely an investment decision.

Please advise

A public adjuster may also be advisable. 

I think what folks are trying to advise here is that you need to make sure you're dealing with an agent who knows policy language, has good experience in the industry, and knows how to help you and protect you at the same time.Hope you find this helpful. 

My biggest advise is to not fall for lower price tag deals. 

Do it yourself, learn as much as you can, seek out a grey hair mentor who will advise you for a cup of coffee.