I want to get my financing within an LLC and it’s very difficult to find a reasonable interest rate.I have worked 25 years to build a modest net worth and will not risk losing it in a frivolous lawsuit by not having the proper legal entity in place that only costs a couple $100 to create and protect my life’s work.People who advise that an insurance policy alone is enough are not necessarily correct in my opinion.

You don't indicate what your loan basis is - but on basis of $125K your Monthly P & I will be around $710 Plus Insurance & Taxes. 

On the notes I hold, I need to make sure the cash comes in and the property tax and insurance are paid.

Although I'm not sure if flood insurance would be covered in HOA fees.

Also, mortgage insurance is expensive! 

While I think there are always deals in every market, I don't think now is the time to jump into the Dallas market.I have walked thru a lot of houses that I think are being offered at nosebleed prices, especially from wholesalers.Be careful with DFW, high property taxes and high property insurance. 

We are closing on our second rental property next week and I was looking for some advice when it comes to a Landlord Insurance Policy. 

I just recently left a good stable job for a job that appeared to be an opportunity for professional growth.

It could be it's one of a small percentage of co-ops that does allow investors and there are too many units rented, or the sponsor still owns too many units, or it could be the reserves are too low, or not enough insurance, or a lawsuit, etc.

Take for example the following:Rental Property that is for sale near where I live:$80,000 property that doesn't need any repairs (essentially turn-key that I will self-manage) - $900 rent $16,000 down with $2,000 closing costs - Total All-In: $18,000Assuming 5% vacancy, $1,000 in taxes, $800 for insurance, 5% for maintenance, and a buffer of $200 a month, I would cash flow roughly $3,300 a year.https://www.calculator.net/rental-property-calcula...I've been around this forum to know that people will say things like 'well your vacancy/taxes/capex is way too low.'