You might not need it but it's like insurance - you wish you had it, when you needed it.  

In addition to have a loan officer, or broker, you will need to add to your team at a minimum such experts as GC's, insurance brokers, home inspectors, CPA, attorney. 

So based off this calculation I determined that my portfolio is strong enough to move on with my expansion plan into a new market.Business expenses as % of total expenses : 70%   1) Fixed Expenses:        a)Monthly Mortgages: 45% b)Property Taxes: 18.7%c)Utilities Expenses: 14.8% d)Licenses & Insurance:  5.4% 2) Variable expense - Water bills + repair expense : 16%  Personal Expense as % of total expenses: 30% My monthly living expensesa)Housing: 39.7% b)Child Care: 25.4%c)Living expense: 22.2% d) Food: 7.9 %e) Insurance: 4.8Income 1) Total Income - 100%  A) Rental Income: 42%  B) Wage income (W-2) : 26 %  C) House Flipping Revenue: 23%  D) Property Management Revenue: 5%  E) Stocks/Dividends: 4% Please let me know if you would like help walking through this process as it has been super helpful to understand my financial situation or send you the spread sheet I used.  

Do you oversee large insurance claims, dealing with temporary housing for tenants when the house is unlivable?

I recently got into an accident with a driver that has no insurance, and I only have liability coverage.

Using very attainable #s, like projected rent, projected vacancy, etc. will go a long ways with insuring you make solid decisions.      

They also provide split roommate payments, screening, maintenance requests, applications, renters insurance, late payments, and expense tracking.

I am rounding to make it simplerGross income $158,000Expenses------------------Insurance        $11,500Office                $400Collections       $550Cable               $2870Property Tax   $7800Repairs/maint $12,800The expenses look a little low, but the owner is managing himself. 

Something else to keep in mind is a LLC does not provide absolute protection so you still need to take other measures to protect yourself like insurance, umbrella insurance policy, trusts to help further hide your identity, don't use your name and home address as the registered agent for the LLC. 

My properties there have been pretty stable with very little turn over although I would highly suggest doing a thorough tenant selection as with any rental.