You should 100% have insurance because of the worst case scenarios (what if someone dies and they blame you the property owner), but it's not something you'll want to use frequently. 

If you forget, you face massive fines.In a small partnership, you might be redoing this paperwork quite frequently. 

Even the most meticulously crafted plans can frequently go off track due to unmet responsibilities or unforeseen events.This is the essential characteristic of the real estate industry.

We recently put the house under an LLC but are not sure if the lease should reflect the LLC as the landlord or keep our names.

I work with a lot of MTR investors and what I am seeing frequently with multifamily acquisitions, particularly with new investors, is that they often test the property just like you're mentioning, as a way to dip their toes in the water and see what works in their area and for their personal style.

As small lenders, we’re in frequent contact with our borrowers, so we usually know how they’re doing.

Military Housing Opportunities:Military families and personnel frequently need mid-term housing, especially near bases like Camp Pendleton.

This opportunity doesn’t occur frequently but it takes these attributes to take advantage when they do.3 - Blind luck - do enough deals, the unique opportunity tends to present itself.  

Is it up for lease now? 

Lol Have you done many lease options as a buyer over many year term?