Consult you insurance broker for specifics but I found this policy to be very protective and reasonably priced.With regards to an umbrella policy they are typically good to have.  

Insurance-  replacement costs.  

Which increases paperwork & costs for little benefit - if any.4) You'll need an entity in the US.You need to discuss all this with a qualified tax professional or attorney.- For our clients, we provide consultations with a tax attorney that handles over 300 foreigners legal & tax needs.

It is my understanding that the new owner will have the house at the cost basis of my purchase price, for calculating capital gains taxes or depreciation.For gift tax purposes for you - FMV.For capital gain tax purposes for the recipient - your original basis/purchase price 

Make sure your rehab is "renter" cost rehab. etc. 

You're free to call it "weighted deal" and there is no law against a bad deal - anything you can talk another person into is technically "possible."

Just wanted to mention that the cash out refinance funds are not tax free forever.

Cost vs.

Estimated costs range from $500–$1,000 annually, depending on the complexity of their LLC and rental activity.For Partner 2 ($148K joint income, W-2, 1099 income, 1 rental, 2 kids), a CPA is strongly recommended.

But consulting with the town would be good to try to understand what they're permitting process is like.