@Savannah Walbert, as an LA local, I can't help but jump in to defend our home town!

Couple ways to size an umbrella policy, 1 is to analyze your assets and do it based off that, but I have always preferred to do it based on what is an amount that guarantees my insurance company would want to defend me. 1 million to start is pretty popular.

I would also only go with an option that provides audit support / audit protection - ensure that if you do come under scrutiny, they will come out to do a full engineer study to defend it. 

@Russell Brazil I don't think that will be the end result... or that MD considers agents wholesaling to be illegal.I think REALTORs have changed their focus to defending their commissions and cannot afford to fight this battle right now.From what I understand, Maryland is going to move to a disclosure requirement (I'm going to assign this contract; here's where you can find the assessed value of your property; etc.), with parties having the ability to cancel a contract and potentially keep the EMD when the required disclosures are not made by the wholesaler. 

I feel like a good PM is defending me from scam artists.Get out the superman cape!

Did you defend them? 

If not, a single letter from your attorney would help in several ways including preventing and defending a future QT action. 

If you can't be called names and either defend your position or take the criticism with a grain of salt and keep it moving, RE is probably not the best business for you.

They also checked box 2b which says "Taxable amount not determined", but the IRS has ignored that check and focused on the taxable amount for the deficiency.Does anyone have any guidelines, a court case, lawyer recommendations, etc. that could help me defend myself in court?

So I am looking to get educated on how to defend against it.