You need a firm estimate for the remainder of the work as your funds are limited (like most people who don't have an endless amount of money). 

I’m a complete rookie and novice in real estate investing, and I firmly believe in the “crawl before you walk or run” mentality.

Gota really watch em!

To thrive in real estate investing, you must maintain a firm grip on your finances.

It is easy to initiate a trustee-to-trustee transfer between firms.

Passive investors often look for IRRs of 12-18%, while lower-risk investments might target 8-10%.Equity multiple (EM) shows how much the investment will grow over time.

We have an insurance policy on the rental house (through State Farm), that includes a personal liability section, which is essentially equal to our current net worth.Given that a tenant could sue for more than this if an accident occurred, we are thinking about adding either LLC or an umbrella policy (or both) as extra protection.Any advice on which way to go, and if LLC, any recommendations for a law firm or company the Indianapolis area?

Find some firms that do both and you'll learn the ropes.

One thing I am finding is the reviews for some mentioned firms are all over the map.

To thrive in real estate investing, you must maintain a firm grip on your finances.