I would add that this is a geat time to reassess not only insurance coverage but any recurring expense as well as maintenance needs.

Most of the loans I do are on 25 to 30 year amortization, and included in that is people calling me b/c their current bank would only do 15 or 20 in cases where they've had the property for 15 or 10 years already.Every time your car insurance is up for renewal, that's an opportunity to make the carrier earn, or re-earn, your business.

Obtain insurance under the LLC.

Not only would you benefit from having a partner's input on the deal, but you would also have an experienced individual to work alongside with as you navigate the project.It's also important to make sure you have identified your "team" ie; contractors / realtors / lenders / insurance agents / title company / etc. 

Inspection Costs - $400 Lender Fees - $1,000 Closing Costs - $2,000 Mortgage Payments - $2,500 Property Taxes - $600 Utilities - $1,000 Insurance - $200 Commissions - $4,000 Selling Closing Costs - $4,000 Home Warranty - $500 Termite Letter - $100 MLS Fees - $100 

Operating Expenses includes taxes, vacancy, utilities, insurance, maintenance, and management fee.

Life insurance might be another untapped source of liquidity to look into (if you have one in place).

I waive escrow on all my mortgages and pay taxes/insurance with cc, put repairs on cc, etc.

I just got off the phone with a law firm doing the foreclosure legal work for a bank.

You don't need amenities like short-term and the people looking for MTR has expanded from travel nurses to displaced homeowners, future buyers, just sold sellers, relatives coming into town, insurance companies, etc.