You have the burden of proof that they knew about these issues and that the inspector was negligent.

It seems like your current PM is bordering on negligence by not only failing to get these repairs done/keep the property in shape but by failing to even bothering mentioning any of these things to you!

Lawsuits are only successful if the landlord was negligent in responding.

You may get a settlement instead if their gross negligence is obvious to the insurer. 

(In reality, the tenant overloaded with heavy items not meant to be stored in a kitchen cabinet, damaged the property as a result of their own negligence.) 

@Femi Ibrahim You should get a real estate attorney on the case NOW.If there was misrepresentation and/or negligence, you might have a case to sue the company, the real estate agent or possibly some other parties. 

It isn't that expensive and can be a good thing in case of a negligence lawsuit.5m is a good amount.

Also, most Umbrella Policies only pay out if your underlying policy pays out, and the underlying policy will do everything they can to find an exclusion or that you were negligent (which you probably were) in the cause of action to get out of paying the claim.

After I got that mostly handled and could afford to eat the payments and repairs then the risk went from high to negligible.

I am looking at alternatives.Remember @Aaron Washington, and LLC provides some protection from contract suits, but not negligence.