Whether its wear and tear or tenant negligence, you'll want to have a reserve to pull from to cover your damages.

Years ago, I checked into it, and there are services that check for such compliance for you, and even write up annual meetings i.e. minutes of meetings  etc. though I'm not sure you have to actually hold one.OP is using it for anonymity, and in the rental business, when something happens, you got no one to call, and to me that makes for negligence and an insurance risk. 

If it is simply due to the prior owner being negligent, then the park might be a great opportunity for you. 

However, for some reason the landlord gets screwed in a lawsuit because the owner wasn't responsible for it's property.I had to google this last night but the reasoning is that you as the landlord let something that is "known to be dangerous" onto your property and then someone was harmed because of negligence by the owner.

His rents are far below what they should be for the area and it’s due to his negligence.

However the homeowner has had many fights with the bank and she feels like her foreclosure attorney was negligent and didn't provide the evidence in court that she (the homeowner) had compiled..

It will cover tenant negligence, but tubs should not overflow if the overflow plumbing is working, therefore not tenant negligence.

Add an umbrella insurance policy for my 4 rental propertiesEvery property should be insured, and you should have an umbrella policy to cover as much as possible, including acts of fraud, negligence, and illegal actions.

If you are found negligent and get  $1M judgement against you they can levy all 20 properties in that LLC to get the money. 

According to contract, he needs to pay the balance 30 days after the end of contract (we ended it with him due to tenants complaining about negligence).