Even though it's a 10 minute bus ride, it's an uncomfortable 10 minute bus ride due to the lack of an adequate number of buses during rush hour.  

But there's a balance in leverage, too, and too much leverage without adequate cash reserves wipes out many an investor.; 

I'd like to do my homework for a year or two while I grow an amount of capital I feel would be adequate to get me started down this road. 

I feel that I am adequately competent at analyzing properties for a wholesale deal that results in a rehab flip but much less competent at understanding how to properly  analyze deals that are more suited for the buy and hold investor.  

I also see lifestyle inflation and a massive consumption mentality that further compromises any ability to save or invest adequately.  

Only invest in assets that are innately valuable and do not get involved in investing in things you do not adequately understand.  

There is no real value to having a LLC, unless you have employees, and really not necessary with adequate insurance coverage.

Also the better you (or a trusted contractor) can estimate repair costs that are conducive to the market, the easier it is to reverse engineer the number and determine the adequate purchase price to yield your desired profit. 

I've been told that umbrella insurance might be a better option, simpler, cheaper, while providing adequate coverage for most individual situations.Any thoughts? 

If your cash flow doesn't cover these 2 payments and you are not adequately capitalized, this is how you will get into trouble.