Two of them are city/county attorneys at that, including one from each category just described.So, yes you should probably have a lawyer whenever you have a partnership LLC (and probably with RE) but good luck finding one that's worth a damn.So I just do mine myself, having learned a few things about OEs over the decades, but I am not in RE and I am always a sole proprietor.Also, this lawyer should (in my opinion) by your lawyer, not the LLC lawyer, because you want your interests protected in the partnership.

I’m sort of new myself, I’m working on transitioning from being in the background-ish, as well as working a different area.

Background: I offered on a condo (still a newbie to investing myself, although this would make my third STR and second in one market), and the same day a second offer came in, higher.

Background and Current SituationI currently own a home in Clovis, CA with $472k owed on a $487k mortgage.

Not everyone is a professional investor or contractor background.

The only thing that would be different is that Proper covers revenue loss + all the bells and whistles  I feel I don't need for 2x the cost - squatters/bed bugs.Any input on this from more experienced STR investors or others with insurance backgrounds please?

Many of them are savvy marketers but don't have background/experience in pref equity space but lead folks to believe it's just an  'easy button' to make stellar returns. 

Maybe focus on short-term rental conversions, given your background, or offer specialized services for out-of-state investors looking for a “boots-on-the-ground” partner.

@Patrick GoswitzReally depends on the contractor, with a background in this, I used to run a painting and flooring company.

To be a reliable and successful Private Money Lender, focus on building strong relationships with borrowers and real estate professionals, thoroughly assess each investment opportunity by conducting due diligence on the property and the borrower's financial background, and establish clear lending criteria to mitigate risk.