., and yes you have legal recourse to mitigate these issues but that doesn't necessarily mean the financial means will be available to cure whatever the issues are that may arise.My suggestion would be to seriously consider an acquisition of this magnitude where you acquire fee simple title.

On the insurance policy for my personal residence, I increased the liability to a million, and may consider an umbrella policy.

Definitely check out the Ultimate Beginner's Guide (http://www.biggerpockets.com/real-estate-investing)Also, start listening to Brandon and Josh on the podcast, it really helps put examples to strategies and understand the lingo.Finally, there are a bunch of BPers in the area so always seek advice and feedback when you consider an investment.Best of luck!

Living in D.C. with a slim savings account (just enough for a down payment and blind start-up costs), they intrigue me [due to that being the nicest area I can invest in] but they are what you would consider an average price for today's market (very high).

Once you have a $$50-100k in a property then consider an LLC.

I would not buy less than $1,000,000 for the liability and consider an Umbrella policy to get more coverage.4. 

In a high-paced market, sellers won’t even consider an offer without a pre-approval letter.

@Corey Philip if you are looking to defer taxes while being in a high-income tax bracket, did you consider an asset class that offers more accelerated depreciation (e.g.

#2 - How many dwellings do you own / rent (the more you have, the more you should consider an umbrella)?

#2 - How many dwellings do you own / rent (the more you have, the more you should consider an umbrella)?