And typically long term rentals don't make it easy to include property management fees into the numbers and have them still work well.I would consider looking into STR type areas where you can avoid the risk of property damages (str and pm insurance covers almost everything that they might damage) and evictions/collections.   

When an owner or broker policy is facially fair and uniformly applied, it usually meets the smell test.

Did you ever find out more information about insurance and liability?

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

Certain expenses are all lumped together for the sake of the P&L like insurance and taxes and others like repairs and maintenance can be viewed collectively or by individual property.

And STRs really help because you don't have the large dings that long term rentals have - i.e tenants damaging the property to where you have huge make ready costs (the str insurance covers that), no collections or evictions issues. 

No mortgage payments have been  made by borrower since Oct 2015,  Bank is paying taxes and insurance at the sum of 15k a year, been in foreclosure for about 9 months, property is just under fair condition, owners are dodging the paper processors. 

For simplicity, consider forming separate LLCs in each state for properties, using a revocable living trust for probate avoidance, and securing umbrella insurance.

From what I saw for the most part the big names you typically hear in insurance typically performed well for people. 

Tim, in lieu of a damage deposit, have you utilized A deposit insurance such as Rhino?