Morris took all the equity plus a bunch out of these and then to add insult to injury never rehabbed most of them and they have been sitting there rotting.. so as to create an illusion of a good company IE model that worked OP kept sending rent to these folks based on non existent tenants.. and or many other combinations of same. 

I may be able to give you some insight, seeing as i am from your neck of the woods.Just by using the 50% rule, you can't assume an accurate or fair assessment of your cashflow. 

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

There's also the option to rent to winter Texans - people from your neck of the wood that want to escape the cold.

Requiring renters insurance protects you from expensive renter accidents, injuries on your rental property, and costly lawsuits that can easily pop up in the landlord business.Hope this helped! 

For context, this is the only property I ever plan to own and my commercial liability coverage through my commercial landlord policy is as follows: General Aggregate Limit 2 millionProducts Completed Options Aggregate Limit 2 millionEach Occurrence Limit 1 millionDamage to Remises Rented to You limit $1000,000 any one premiseMedical Expense Limit $5,000 any one personPersonal and Advertising Injury Limit $1 million any one person or organizationI won’t pretend I know what this all means.

Lawsuit from tenants for personal injury!

I like the little parks and would be all over it if it was in my neck of the woods.

I have a brain injury from Iraq and can't drive, but I take Uber. 

Umbrella policy is an extra policy that offers additional coverage to protect you from not having sufficient coverage in case a claim comes against you due to injury.