Insurance just needs to be updated from a normal dwelling policy to an investment policy.

See if your insurance policy covers loss of rents and when that kicks in!

Much of smooth property management is really about having consistent policies and good systems. 

You and your partners should spend a lot of time developing the operating agreement and company policies.

You are also going to need to have policies and procedures in place so the tenant doesn't think that it ok to call you at midnight because their A/C is not working.  

Your question about buying a house on your own and what percentages you may or may not owe the brokerage should be covered by the office policies that were given you when you joined KW.

Also, when I call the new company and get the previous homeowners added as a secondary on my new policy, what do I NOT tell them?

Couple other things: - get weekly vacation rental liability insurance, most normal policies will not cover claims if they can prove you rent more than 3-4 weeks a year.

We have no "statement of accounting policy", and because we haven't drawn on the revolving line, we have no interest expense yet.

It's got good liability coverage and 2 years of lost income coverage, and it's not much more than a regular policy would be.Unless you really have a lot of assets, the cost of forming an LLC ($800/yr in CA) might not be worth it for you if you're only occasionally renting your place.