All are insured under my LLC's name at current market value (not replacement value - helpful in low-value areas) with a $500,000 umbrella.

He also advised having an "Umbrella" insurance policy on myself for protection....which I have.My plan going forward is similar to yours as well in that I want to use my flip cash to eventually start buying investments to hold.

Probably an umbrella policy to cover yourself and employee (don't forget their car insurance has to be up to snuff if they're driving as part of their work for you). • Have a super clear "this is what I expect in this job" outline.

Every state I know of allows minor changes to the contract and I think your change would fall under that umbrella.

I also have a personal umbrella policy.

And those smart enough to have assest worth protecting know they need umbrella policies that they pay for each year...

Not sure if that price would go down if I had multiple.I actually think it's as important if not more important to have an umbrella insurance policy.When you form the LLC or when you transfer ownership of the property isn't that big of a deal. 

You get tons of benefits from them: local knowledge, They own lots of rentals themselves, and they actually saved me about $1500 a year between my investment properties, auto, primary and umbrella insurance.

You should also make sure you have an umbrella insurance policy. 

If you are fully licensed, put some $ in insurances at leadt $1M coverage in all aspects of insurance, GL, WC, Auto L, Excess/Umbrella.