To answer you other question, yes, you can set an extended closing date but you can't have an option period that exceeds 180 days or the contract becomes executory in nature.

From what I hear, many homeowners simply avoid putting in claims as it results in a big increase in their premium and unless there is a loss of a sizable nature, they just eat the costsThanks

Adequate property insurance with a high liability coverage.  

I'm looking for my first flip, so naturally I'm a bit nervous about holding onto a property.

We'd be very happy just to break even.We had a bunch of initial expenses - lead testing revealed we had to replace all the windows and the oil furnace died so we are in the process of upgrading it to natural gas.

Transferring them to the LLC could activate the due on sale clause of your mortgage.A good insurance policy should be adequate protection.

If you plan to invest in properties, proper legal entities are highly recommended (particularly with partnerships) in addition to adequate insurance.

Proof of an adequate Line of Credit may not be the same thing.  

Project UpdateWhen we bought the house 1 of the units had natural gas heat and the other had electric. 

I have used this one to very nice affect:http://www.glidden.com/Color/Paint-Colors/Yellows/...In large rooms with plenty of natural light, it comes off as a nice creamy and surprisingly neutral color.