They just  count on insurance to cover their risks.An LLC is not a substitute for insurance.

That way if there is a vacancy caused from a student leaving or damage from the renters, someone will cover the costs.2.

With in 5-7 years I would like to be able to financially stable, that is to say that at this point I can cover all living expenses as well as be able to be able to purchase a car, or new appliances, or cover medical bills, all without having to worry about if I'll enough money to eat that week. 

Who covers what repairs?

If you placed the property in your name, but purchased a $1MM 'umbrella' policy to cover the liability issues, would you need to register the LLC in RI?  

I have a rental property with a screened in porch, I've replaced one of the screens 3 times already in the last year.

My insurance is claiming that if the battery was a defect that they will not cover the damage cost that the apartment complex will charge for the repairs.

I did add a high maintenance percentage to cover any direct damage.As part of the town rules there needs to be an onsite property manager.  

There is plenty of parking and the houses are very spaced out and I screen all applicants and tenants.

Consider, the new FINRA survey that identifies Americans ability to manage their finances...1.Making Ends Meet.Nearly half of survey respondents reported facing difficulties in covering monthly expenses and paying bills.2.