@Russell ShermanWell, everybody has a crystal ball...Just double check that with 8mo of rental you can reasonable qualify/defend as an investment property. 

Now just because there is no legislative law stating that does not matter, and when you are defending yourself from a government agency, you are in many cases guilty til you prove yourself innocent, and can then appeal to the courts.

not defending them just what others who have closed with them or almost closed have reported back to me.. 

If you want to build a rental portfolio you need to defend your cash, and that means taking advantage of the lower down-payment (3% & 5%) loans available to owner occupants and house-hackers. 

Now what I want from you all is, do your best to talk me out of why I should do this, and I will do my best to defend my posistion!

I see too many cases where a 'subject to' goes bad and the old lady seller is the defendant in a foreclosure suit.

The bottom line seems to be that if you have to defend your self in court be prepared to show the judge what your losses are due to the late payment.

- Well... maybe a year or two from now under an alias name, yet again defending his 'good name' with a different company.

So your area and how courts find liability will have a great impact on what you should carry.1 miilion is usually enough, IMO for beginning investors and it's not much more than 500K.Remember, if your libaility limit is too low, your insurance company can simply pay the amount and walk away leaving you to defend yourself.

Recently I have looked at a duplex where the upstairs tenants are two young guys who are in the process of studying to become ministers.