You have a mortgage on it so no one's going to go after you; you'll just need good rental insurance and (recommend) an umbrella policy. $200-300 per month isn't great, so make sure it really makes sense to keep it as a rental.

Probably go with just an umbrella insurance policy.

That safety net can ease the fear.Tap Your Network: Got a mentor or someone in your circle who's done this before?

Also, if you're working with a local bank, theyre likely choosing not to originate  Conventional loans for investment properties and to only offer commercial loans that they hold on their balance sheet, which are subject to their own internal credit policies.

That’s what I do for my leases.I echo the comment on getting really good insurance with an umbrella policy as well. 

This outlines things like guest/ overnight guest policy, cleanliness standards, roomie/tenant vs roomie/ landlord responsibilities...

Does my homeowner's policy need to be updated to name the LLC as the insured? 

Just keep an umbrella policy and quit paying big money for all of the attorney offerings. 

This usually involves hiring a snow removal service or having a clear policy for who is responsible for clearing snow.### Heating and Air Conditioning Common AreasFor a property like yours with a hallway, staircase, and basement laundry area, it's not always necessary to heat or air condition these common areas.

A bit about me: I’m a payroll manager for a restaurant group, where I handle everything from creating policies and SOPs to processing payroll and ensuring compliance with state and federal laws.