With the limited access in Yardi, you won't be able to adjust account trees and create multiple customized financial statements. 

I understand that I need to account for taxes, insurance, and other costs—Should I go with a LML and then do a refi later on?  

If you can rent it for enough to cover the principal, interest, taxes and insurance and still put money in your pocket, plus cash flow on the property you're purchasing, that would be ideal.

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

I think the best model, and one I'm currently working on, would be more akin to how insurance works. 

Transparency and professionalism are core to how we operate, and we ensure all properties have clear, insurable titles before closing.

I dont want to hear about you selling me your course or advice at a "new customer price" .

You mentioned gross rents of $3400 per month and Principle/Interest/Tax/Insurance of $2500 per month. 

We had success in summerlin with insurance company paying .. over a 24 month period we had 3 tenants   fair market rent at the time was about 2200 or so non furnished.. we got 4100.00I did not like the turnover so I put it up as furnished rental and got 3500 and its going into its second year with a superb tenant. so seems like a happy medium for us.. 

Though I'm in sure what the trends have been in TN over the last couple years.