Taxes and insurance will eat over half of that. 

I've been told that umbrella insurance might be a better option, simpler, cheaper, while providing adequate coverage for most individual situations.Any thoughts? 

And, to complicate things, the buyer didn't pay for two month and I started foreclosure proceedings.

., pay for property insurance, rehab cost, etc. with your personal money)- Using non-recourse loan: As Jason suggests, you can take out non-recourse loans for your IRA/401k investments.

We sound like the start of a bad joke:  A retired attorney, and two Property Insurance guys walk into a bar... 

.- I would get a lender's title insurance policy to make sure you are indeed in first position and the person/entity you are lending to is the owner.- Borrower pays all closing costs, usually subtracted from loan proceeds upfront.- Make sure the interest plus points doesn't exceed usury in your state, I don't know what it is in Florida.

What I'm looking for primarily to build relationships with:WholesalersCommercial Insurance / Investment Property AgentsContractors among others. 

I only use listened and insured people for most of my work.

My partner does not want to reinvest their portion of the proceeds.

I am insured with great local referencesHave done numerous flips and rehabs.