An umbrella policy and maxing out the available liability coverage of the LL policy, usually $500k per asset. 

Write into the lease 50% carpet coverage in the upstairs unit if it isn't already there.

I can share a couple of insurance agents' contacts in the area, so you can get quotes and compare coverages and prices. 

Every tenant is different, how would you know how much insurance they would want or do you just do a "base" amount so they have basic coverage ?

Make sure you have enough insurance personally (umbrella plus good underlying liability in relationship to your net worth) and corporately (same thing - umbrella plus underlying coverage). 

I am not talking about just dropping coverage and taking the risk, and I am not talking about dropping insurance and putting monthly payments into a savings account.

We BRRRR 8-10 per year and the flips supplement the money left in the BRRRRs.

This K-1 information is then used to report your share of the partnership's income or loss on your personal tax return (Form 1040) using Schedule E (Supplemental Income and Loss).

The whole appeal in REI was to maybe create a small business on the side with my spouse as a way to: eventually secure supplemental income, start building equity in RE and maybe creating a small business together in RE that would help us obtain financial freedom after hearing how risky things can be, I’m trying to learn: what are other RE investors doing to make money despite the risks around home repairs, vacancy, additional expenses (i.e property managers), etc.

So, I paid $7,000 cash for 6 yrs of full coverage on each home from Home Choice. (🤯😱🤬)But, it’s been a total nightmare.