Showings are part of the business to negotiate a contract, minors can't contract nor do they carry any legal standing in the business to be conducted, so yes, you can shoot yourself in the foot and say no minors until a lease has been executed.

But in this case I am burning time because I would have to save for a few years to carry out another deal.

A simple strategy is to ask them to carry back 20% or so.  

Beyond that my plan is to carry the right insurance to cover my investments.But I am right behind Matthew on this one.

Then, I'd explain that I purchase at deep discounts, so there is equity to minimize the default risk, and I'd explain that the lender has a Deed of Trust, just like a bank carries a mortgage."

Do you have money put aside to carry you for a month of vacancy on each unit plus the cost of the turn? 

With all of that being said, my PM stated that you cannot legally require that a tenant carry renter's insurance.

An owner occupant heavy neighborhood is going to carry less risk than a renter heavy neighborhood.

That means you establish a Traditional LLC to carry out the operations of your investments, in order to separate the liability from your assets, including: paying property management, paying contractors, collecting rent, marketing, etc.

I take the purchase, rehab, closing costs from the purchase, carrying costs, and the closing costs from the exit.