.$140k offer8% interest rate20% down8% management fee5% vacancy5% maintenance 5% cap exI haven't gotten insurance costs yet but it's been suggested that I plan for $2k per year. 

I guess it can save you some time managing, for example one tax bill, one insurance bill. 

Living in one unit and renting out the others allows you to deduct 75% of expenses like mortgage interest, property taxes, insurance, and shared repairs as rental expenses, while the remaining 25% applies to personal use.

[1]    You might want to think about opening 2 FDIC insured savings accounts that have no fees.

Even at that price point, you may struggle to find a tenant, potentially leaving the property vacant for months.Here’s an example of a deal I’m currently working on:Purchase Price: $215,000Rehab Costs: ~$250,000ARV: ~$615,000Potential Rent: $3,600/monthUsing a $615,000 ARV and 75% LTV on the cash out refinance, with taxes and insurance, my monthly payment would be $4,267 using an 8.5% rate.

The properties in OK, which are roughly 30-40% smaller than my personal residence are only about $400-$600 cheaper than my FL insurance.

Any recommendations for Umbrella insurance providers for each partner to cover any liability?

The number of DSCR (Debt Service Coverage Ratio) loans a lender will offer can vary depending on the lender, your financial situation, and the property cash flow.

My Insurance Agent has strongly recommended that I put a Construction Agreement in place with my Contractor to shield me from liability, etc. 

Maintain - includes taxes and insurance?