We have an insurance policy on the rental house (through State Farm), that includes a personal liability section, which is essentially equal to our current net worth.Given that a tenant could sue for more than this if an accident occurred, we are thinking about adding either LLC or an umbrella policy (or both) as extra protection.Any advice on which way to go, and if LLC, any recommendations for a law firm or company the Indianapolis area?

Typically, if you have a mortgage, the mortgage company will collect taxes and insurance when you pay,  so there is not really any budgeting required for this.

Through my studies, I met my current employer, who owns a construction company where I serve as the Sales Director.

Does the operational company already exist and have income history?

Since the DealCheck app makes nice reports, I would probably use it after the fact to check my numbers and print out reports if needed.

So far I have just used www.mysmartmove.com which is recommended by BP, but it doesn't give an evictions report, only credit and criminal reports for $25 which means I would have to use another service to do the full background check.

The specific assistance organization, the screening of the tenant, the property, and the PM company that should be communicating with the tenant all play a role in the success of your investment in regards to tenants.

And I think a lot of companies will realize that productivity is generally higher in cooler climates.

A third party company that integrates with our system.

Yes, there are property management companies, but not sure if I would 100% trust them.