I only heard of people having their claim denied and I never heard one sales pitch mention where the insurance saved someone financial ruin.

She's a nurse at the Univ. of Iowa taking care of cancer patients.We're looking forward to meeting you both virtually and hopefully in real life!

A crooked or incompetent PM can ruin the yearly cashflow and ruin the experience. 

I would put most anything you owned in storage that you didn't want to ruin.

I had to part ways with two PMs before I found a decent one and they still struggle...pipes recently burst in a vacant unit where they likely didn't have the heat on and it ruined the flooring in two units. 

I had to make the choice not to let their low offers ruin my day.

You get some leverage but don't risk a nightmare ruining your dream scenario.

A friend who does hardwood floors says they are most likely shot because the hardwoods are glued to concrete and there's a good chance they are ruined.  

If I were 25 years old, defaulting could be a solution, albeit a last resort after exhausting all other options, but where I am now, defaulting like that would ruin the rest of my life, so I would avoid it at all cost.

You are seeking guidance before jumping in and trying to take hold of your life which is very commendable. as @Joe Villeneuve mentioned, you could seek a partner, a relative or friend, but i agree with him on trying to find one at a local REI meeting, having friends and family may just ruin that relationship if something goes bad. you do not HAVE to form an LLC. you can purchase investment properties without one, i personally have each property under an llc. what you can do when you go to a lender, once you know your finances, is find a small local bank that deals with investors, go in there with confidence and numbers. what i mean by that is have a net worth calculation on a sheet of paper ready for them, last 2 months bank statements, last 2 years tax returns, numbers on the property you want to purchase ( what you predict will be the NOI for the property), last 2 weeks of any W2's you may have. you go in there with confidence, put down all those papers with numbers and how you feel you and they would benefit from the purchase, that will impress them.