It served as my primary residence & rental income for a few years.

It was designed specifically for real estate investors BY real estate investors, which is one of the things that differentiates it from other banking and bookkeeping platforms and why I think it serves its purpose so well.

An LLC will not serve to accomplish your stated goals.

If my memory serves, I believe I planned for $4000 for taxes and my insurance quote was about $1000/yr and had nice coverage (Kin is a great carrier for rates here in FL).

I would guess if you do have 500k in equity you could probably outproduce the cashflow in most markets oustide of CA, and could possibly diversify into more than 1 property.Just some food for thought.

Yes, this should serve as a lesson to the others.

While funds are available for restitution, they are finite, so the fund serves as more of a safety net than a guaranteed fallback.

Unless someone is willing to take on unlimited liability, or you want to form an LLC or corporation to serve as the general partner, you may want to consider the LLC structure. 

I'm one of the laziest investors you'll meet AND this has served me very well. 

I call him two-bit and tell him I keep waiting to be served.