Other one built in 1949, Allstate agent initially wrote but when assessor went to see it, he didn't even assess due to property's age and they declined to write the policy.I live in NJ and have 2 more rentals in VA so essentially I have 4 properties (including that 1956 built Baltimore), autos and umbrella (requires all covered properties to be insured with Allstate) all with Allstate so trying to see if anyone has their pre-1950 property with Allstate (which happens to be cheapest overall everytime I try to price shop).If anyone has any other insurance company they can recommend for multi-state situation like me then that will be appreciated.

Torrance currently has zoning code that covers accessory dwelling units (ADUs) that I would like to take advantage of to permit the rec room as a dwelling so that I can live in it and rent out the main house.

Regarding an LLC - My take is an umbrella policy will cover your risk for 3 to 5 SFHs. 

So here are my thoughts:-I don't think it's fair to me to go 50-50 on the cash flow from this property since I'm doing all of the heavy lifting but I'd like to keep the equity 50-50 since he is thinking of it as a retirement hedge.

The tenant's rent will cover most of the mortgage but not all leaving me coming out of pocket about 400$.

(Also looking into splitting the water meters so tenants cover their own water bills).

A home inspector is always going to give you a worst-case scenario opinion of things, since they need to cover their asses.  

Yes, I work for a national property management franchise and our office covers Indianapolis and the surrounding areas.

It's in great shape with updated kitchen and master, but we have 17k worth of solar panels on the roof and we need the sale to cover that.

Would it be a good idea to pay to become my own LLC to cover myself in the event of a freak lawsuit from a disgruntled renter?