I'd be a little more worried about the 2.7x rent.  3-3.5x rent is the safer bet.  4 dependents on one salary is also a big red flag. 

I hope to learn a lot from everyone here at BiggerPockets and be able to get the knowledge and experience to help others who want to start their journey in real estate as well.

If you didn't over-pay for the house and he didn't charge you closing fees I'd just adhere to w.e he says....Your best bet is to post on Avvo and see what the lawyers say (its free).

Hey bigger pockets, What was the hardest lesson you had to learn when you started your journey into the real estate world?

I bet the big ones go every month.

Starting out, I plan to wholesale - and then re-invest those profits into flips and rentals - and eventually I plan to break into apartments and commercial real estate at some point in my journey. 

Also, like some mentioned, it is a time to get my systems and processes in place as well as build a solid team that can help me reach my higher goals of more units.I will have to get in touch with some of you who can be of a benefit to my journey here in REI.

I'm only nearly 5 mos in on my venture but we need to carry the following for our residential care (assisted living)  licensed for 41 beds - but we can hold 36 beds in our current configurationGeneral Liability (We buy through an independent broker - basically covers medical malpractice, any slip/falls etc)Workers CompAnd even though you arent interested - Non owned auto insurance in case staff use their own vehicles to run an errand etc, building insurance for wind/hail etc inc general property liabilityAll of this runs around $33k to 36k a year for us - thats before health insurance for us etc - Work Comp is the most expensive part of that mix.Your best bet is likely not to find the coverage by calling yourself - you'll just waste your time - find a broker that can sell you this insurance - as far as limits - some of the limits are state mandated and will be in the regulations. 

Your best bet is to find a lender that will allow you to close in the entity (My company allows it, even a brand new LLC but only on investment and max Loan to Value is 75% so there are drawbacks).

Really excited to meet everyone on this journey!