That should cover you for liability unless you plan to manage the property very poorly.A trust owning an LLC seems to be overkill for a single rental.

A good policy will also cover loss of use should an unlikely event happen.Re: liability.  

@Mitch DeminskiDo you cover Newark?

It also provides insights into your cash flow to help you make sure you have sufficient funds to cover your expenses.How to get it: The PocketGuard app is available for both iOS devices in the App Store and Android devices in Google Play.Cost: A free plan is offered with basic budgeting features.

And some of the biggest repairs not for some time (roof 20, hvac 10, etc) .To me, building a new sfh should allow you to get a bigger discount than what is typically available these days unless you're really getting lucky. 

@Jay HinrichsI see some corrections in specific marketsI was looking at a STR we had owning in 2020 that seller pulled back and later sold - property is now $600k more than they time / I can’t see it being sustainable for anyone to pay that much as revenues will never come close to cover costs

Malcomb's suggestion that you will be limited to a maximum of 75 percent of the appraised value is correct assuming the the rent will cover that figure.

If you do not think the tenant has cash on hand to cover the judgment, you are likely better off turning it over to a collections agency. 

How will you pay for a new fridge or roof?

I've thought about offering $20,000 every 6 months for 3 years and a balloon mortgage to cover the remainder...