Totally up to you.

I think this totally depends on the investor and how many projects they are doing in a given year.

Quote from @Brian Malavsky: Totally agree with everyone else and I didn’t see anyone mention an “Umbrella Policy” I just got quoted this week for $1,000,000 coverage for only $350/yr.

We bought a new build years ago (and sold it 3 years later when the market turned up) and our TOTAL cap ex was $550 over the 3 years. 

If it is a contractor that is more organized they will likely do this already, if they are shooting from the hip "based on experience" they will likely just give you a total $ value. 

Totally out of control.

If you just want to do buy and hold, you can purchase a duplex in a B area for around 150-180k with rents at around $2400/mo total.

The recipient inherits your cost basis (what you paid) for calculating capital gains or depreciation.You and your spouse can each gift $17,000/year per recipient under the annual gift tax exclusion ($34,000 total).

The Note/Mortgage for each loan states the dollar amount invested & the % of the total loan by name, for each investor. 

Regards, ClarkI'm curious, @Zhenyang Jin, with a DSCR at 1.30x, what are you total operating expenses relative to your EGI (Rent after vacancy expenes)?