Also you should inquire with insurance agents about the cost to insure.

I'm planning to put in my first offer on my first rental on a SFH in Kansas City in the next day or two.$140k offer8% interest rate20% down8% management fee5% vacancy5% maintenance 5% cap exI haven't gotten insurance costs yet but it's been suggested that I plan for $2k per year. 

., We were over a decade without insurance, and when I refinanced and insurance was needed, I had no trouble getting insurance in place.  

I would get the insurance in my trust name.

Unlikely.The backup plan is to have a strong lease.

@Arthur Savery, This can be a great game plan called a diversification exchange. 

-Management is low - you'll need at least 10% plus leasing costs - typically a month's rent for each lease-up, and sometimes a renewal fee as well-Insurance seems low-Are taxes accurate? 

Any recommendations for Umbrella insurance providers for each partner to cover any liability?

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

I’m currently house hacking and planning to buy my next property in about 6 months.