Would 20% of the cost of the property be adequate, or even higher?

As such, standard landlord insurance on each rental property with an overall umbrella policy is far more than adequate coverage.In my opinion, people have gone absolutely overboard in setting up legal entities like LLCs, and I think they have done this primarily out of fear, ignorance and vanity.

Wouldn't hurt to have adequate liability insurance for yourself too.

Areas developed under this desig- nation should exhibit adequate access to streets of at least collector capacity and be convenietly serviced by neighborhood commercialand recreational facilities.

@Jeremy MarleyThe first thing that comes to mind is adequate parking.

Your operating costs will be higher, loans will be harder to get, you will have no better protection than having adequate insurance and you will still need to personally guarantee the mortgage.

With our investors, we've found an LLC is more than adequate for typical wholesaling though I also recommend looking into anonymity and making sure that the structure makes sense with the long-range plans you have for your real estate business in the future.NY is not the easiest or cheapest state to incorporate, and we don't recommend that except for a certain set of circumstances. 

An umbrella liability policy gives adequate protection and for most folks, it's enough.   

Detail should not be extreme, but adequate to illustrate accurately the nature and amounts of expenses.

The larger the chance for a near term cash expense then the more likely you are to need to show adequate reserves.