It's not just about purchase price there are many layers that go into structuring a deal.

The umbrella policy is 2nd layer of defense for a landlord, they are relatively inexpensive and they will cover all of the properties you own.

Just one more layer of protection for me. 

@Chris Ruggiero The land trust is not giving you any asset protection (nor any liability protection), just a layer of anonymity.

Long-distance investment adds another layer of research, it’s a killer.

All of the above sounds like nice work if you can get it :) But the layers of risk to a newbie investor are not in your favor and you didn't even tell us what interest rates the HML and PML will charge you.

Our plans include searching for and filling small holes and cavities with acoustical caulk, adding a layer of roxul safe and sound between joist, attaching resilient channeling, and finishing with a 5/8 in drywall layer. 

Besides painters, I have found carpet layers are the most stoned individuals within the construction trade.

I am out of state investing so that has added little extra layer of complexity. 

Liability risk management for me involves an "onion layered" approach.Layer 1: Know the law, follow the law.Layer 2: Respond promptly and professionally to legitimate repair requests.Layer 3: Properties held in Limited Liability CompanyLayer 4: Carry adequate liability insurance.