Also, looking for mentor and/or part-time work (15/hr month) working in RE (realty or property mgt.) office to gain some experience and make extra money/increase my down payment next year! 

We could use an extra set of eyes!

I know many people recommend holding each property in separate LLCs - which we may do in the future, but in the meantime, would obtaining a $1M umbrella policy cover liability on the vacant lots, as well as any extra liability on the rental home?

I am 23 year old Marine Veteran looking to earn some extra cash flow.

I am 23 year old Marine Veteran looking to earn some extra cash flow.

Well he sent me the bill and receipts and also stated that the bathroom faucet broke and drain line need to be replaced and billed me a extra $100 for parts and labor to repair that which we NEVER discussed or if there was even an issue.

I am not looking to make millions - would be nice - but even an extra $250 -$500 a month would have me sitting pretty.Best of luck to us all on this adventure!

PROPERTY POLICY ($1,000 deductible)-Buliding:  150k-Rental income including extra expenses: 24k-Liability each occurrence: $1million-Liability General Aggregate: $2million-Personal and Advertising injury: $1million           --(I don't know what this is)-Damages to premises rented: 100k-Medical expenses: 5kI was also quoted a $1million umbrella policy.I was referred to this broker by a trusted source and I plan to shop around, but I need some advice on whether or not this is the amount of coverage to shop around.  

More insight of the current numbers (considering a 4.5% interest rate for the new loan)House 1Monthly payment(PITI+HOA): $1,700/moPotential rent: $2,300/moCashflow w/o management company and allowance for repairs(house is in great shape): $600/moHouse 2Monthly payment(PITI+HOA): $3,964/mo (if offer is accepted but I believe the case study is valid for any other house)3964-600 (cashflow)-1700(mortgage first house)----------------------$867 I have to come up extra with every month.In this particular house there is also a room with bath that could be rented for about $800/mo (efficiency, as we call it down here).

To be the sponsor I look for 50% of equity upside and I look to give out 8% preferred return.Some passive investors focus in on that extra 1 or 2% preferred return but I would care more about the sponsor running the ship and the property.Extra return sounds good on paper but 12% of nothing is nothing.