Definitely get the estoppel letters and copies of existing leases.Apartment complexes change hands frequently (if judging by the "under new management" is any indication) and I can assure you they don't kick everyone out and start from scratch.

The laws are not landlord friendly at all and it's common for landlords to get stuck with a non-paying tenant or squatter and have to legally keep paying the utilities, taxes, mortgage, etc. while the eviction gets delayed in court for months or years.

That would clarify what you are trying to achieve.LLC with a good operating agreement.SyndicationREIT fundEach one has an increasing level of complexity and reporting requirements 

I am playing devil's advocate and think this coverage denial can easily be fought in court. 

Plus, managing an LLC adds complexity, requiring adherence to state regulations and additional paperwork.

I wouldn't necessarily give the tenants all that detail and copies of receipts, but you will need to have it if your assessment is disputed.FWIW, for severe damage, many landlords will stop at the maximum allowed by small claims court, because going to a different court becomes expensive.

I am now approaching 115+ days since assignment on my first 3 deals and because I am in NYS, my attorney tells me that I cannot even speak to buyer’s or seller’s attorneys due to “breach of contract”.I lost my first deal in fact because we were hindering on 130 days since assignment (should have been long closed) and the city decided to demo before we closed and were able to takeover in court. 

If something happens on that property and you were to be sued, you are going to be sued in a GA court of law and the judge can set aside the Wyoming LLC because it is a completely different jurisdiction.

Additionally, it needs to be filed in probate court.

Its hard for you to claim in court that you didn't intend 10 days.