I would also recommend an umbrella policy over a LLC just starting out for liability coverage.

I received a quote for an annual premium of $935 for $100k of liability coverage and $3k of medical payments.

. # 2 DCR (Debt Coverage Ratio) - Min of 1.33% If you keep these tow numbers in mind you will never go wrong and you can keep building one after the other regardless of your job situation.

I realize this will not fully protect me and I could be at risk but I don't feel I have enough assets to have to worry at the moment so will rely on my umbrella policy for liability coverage.

I have a deal I am working on purchasing and the DSCR ( Debt Service Coverage Ratio) is through the roof.

Debt Service Coverage Ratios (DSCR) are closely watched.

I will say this again, I made a lot of research, the VAST MAJORITY of back rent is non covid related, it's just taking advantage of the situation and its not A secret at all..The solution in my opinion is, to unite together and start lobbying... we gotta get the word out, the media should speak about what landlords go through, the politicians should understand that they are just building an economic crash with their own hands.Real estate is currently lacking; lobbyists, sympathy, good media coverage, awareness, unity...How much would the politicians think before banning airlines, why?

Also insurance becomes more complicated so make sure you are speaking to an agent who understand who you are trying to do and how to provide you with the right coverage.

Agree in advance on who will pay for drafting the loan docs, underwriting (if performed), lender's title policy (this is different than your owner's policy; not every seller-financed lender will have this coverage, but they should), settlement fees, title exam, etc...  

How you setup your business structure and perhaps tier/layer your LLC (or any other business entities) is up to you.With 4 (assumably residential rentals), you'll see many on BP just use insurance with an Umbrella liability coverage and keep their properties in good repair.Of course, consult with a qualified professional or two...Good luck.