This usually covers contracts, promissory notes, deeds of trust, and other necessary legal paperwork.

Each time I saw this, it was that person B refused to take action because they wanted person A to cover all costs.

You need to rewrite the entire policy.If it was insured as a rental under your personal name, then transferred to an LLC, the insurance carrier would pay covered claims.*** Please note, the claim check would be made out to the Named Insured (your personal name), not the LLC.  

Also, if you're a serious end buyer and can cover the first part, that would save a step.

Purchase price: $242,500 Sale price: $430,000 I used private lending to cover the down payment and closing costs, then paired it with a hard money loan to fund the project.

who covers maintenance and damage?

Reason being, if something goes wrong, the PM is covered (and so are you) by the plumber's insurance and license.Apparently, this is around the same price other people around the US are paying. 

We just bought a house in a highly desired older neighborhood.The owner agreed to owner finance it with 5k down over 5 years at 0% interest.We did put some money into the house to fix it up some.The rental income will cover the payments.Always ask for owner financing, the answer might surprise you.Work with money partners to do more deals.Join your local Real Estate Club and learn new techniques and grow your network.

@Cameron Porter +95% of the land bank inventory is already picked over by the time it hits the public.The only people we know that have bought ALL went over budget and only the increasing market covered what would have been losses.So, proceed VERY carefully!

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.