An umbrella policy is an excess liability policy, meaning that there must be a primary policy. 

My best guess at the moment is that I would execute a PSA with the buyer and then use a title company to create the note and security instrument, issue title policies, and record the deed and security instrument. 

It may be more common with a SFD where the property is more irrelevant.It's also a matter of the bank's written loan policy, the board may say we don't finance REOs.

@Serge S. your concerns about FI (foreign investment), will be soon eliminated, as the US Government's threshold for FI is about to be passed and at that point we will see policy changes.

Since moving out of state and having to change my auto coverage to a different carrier, my rates on the policies for my rentals went up astronomically; nearly threefold.  

As to insurance, there are all kinds of different policies.

Originally posted by @Nicolas Beaujean:@Jay HinrichsLOL, two hours ago I didn't like you-now I do hang around BP long enough and you too will be offered a 20mil loan at 3% and you dont even have to make payments.Just have to send 25k to buy an insurance policy that the lender will be repaid  :)  you Render Fat  not loans !!!

Do you potentially run afoul of the no personal benefit rules governing IRAs if as an individual you are in some manner named in the policy?

Have them look at your policy. 

I have a personal umbrella policy but have been told many times that's insufficient.