If you want to succeed in RE investing, getting this experience will be critical!

I would add that the time horizon is equally critical.

However, they both play a critical role in the rent-to-own process, as they help ensure that the buyer has a clear understanding of the condition and value of the property before committing to the purchase.

The other big benefit to an umbrella is it protects you against all aspects of liability risk, people get so worried about rental properties, when by farrrr the biggest risk is auto related. 

The reason I ask is because your lending options are a critical piece to being a "buy and hold" investor. 

Aloha,Old, and really old homes or multi-family properties have similar critical areas to either closely investigate, or plan on major, if not complete, removal and replacement. 

Vetting these operators is the most challenging but critical part of the process.  

If you want to succeed in RE investing, getting this experience will be critical!

@Noelle Stecher to me, Option #1 is the way to go--especially for a beginner.Here are the reasons: First, location and grade of neighborhood are critical (in more ways than one). 

There are almost no aspect of real estate that I have not been apart in my 10 years in the real estate business.