Just do your business ethically, morally and compliant with the law...and you should be A-OK.As I said, I know realtors who are VERY successful at doing notes, rentals, rehabs (that they fix/sell retail), wholesaling and even subject 2 rentals & assignments.

They will teach you how to legally and morally represent your clients.

Moral of the story, if you are going out to setup the one policy, you should take the time to set up both so it is not a mad rush to setup one when needed.  

If you give a tenant an inch they will take a mile, that is the moral of the story. 

I don't think I'll ever be in this predicament, but it's nice to setup something for my kids, in case I have RE or other high ticket assets when I go.I thought it was better to have a will in place to avoid probate (time, squabbles, money, etc)?

The moral of the story is to have something that others want.

This is a very interesting predicament.

@Anne Morales tax value (or assessment) is not the same thing as property value (not necessarily even close).

Moral of the story, never give money for LO to simply take your application.  

Moral of the story: protect your reputation.