@Mike Dymski What I really would like to do is see if I can get Umbrella or Commercial liability for my rentals that excludes my personal vehicle coverage.

He is thinking around $525-550k in Reno costs (excluding appliances, attorney/architect fees, and building permit). - put in an offer at $875k.

Rental income is excluded from UBIT as long as there's no debt.  

The bank normally will request to be excluded from the bankruptcy once it gets in front of a judge.

The HO-3 form however (for dwelling coverage) is an open peril policy, which means any sudden physical damage, subject to certain exclusions such as wear and tear, manufacturer's defect etc.Basically you are covered for a lot more in HO-3, the flood portion you mentioned is irrelevant in either form, ground water is specifically excluded from coverage on both forms.  

Your purchase contract should cover what is included and excluded with the property.

In my case, my base D/I ratio excluding investments is ~35%.

Also, picking a multifamily property would be the same as if you weren't using VA financing (minus excluding properties that don't meet inspection requirements.) 

Many personal umbrella policies will exclude "business pursuits", so don't assume garnering the policy will ensure you have what you need.

If you do that just exclude it on the sell agreement.