This is a great forum with very knowledgeable members that will help to guide you in the right direction.I really like the alerts feature that can quickly guide you to current topics that may be of interest: http://www.biggerpockets.com/alertsThere are a few self-contained guides that you can access here: https://www.biggerpockets.com/guides

Would love to get your perspectives on this topic. 

This may be a little off topic since it does not pertain to an investment property, but a friend of mine has found herself in a pickle!

Others pick a topic and download those.

You should consult with your CPA - when you do, consider the following topics - SE income vs. a salaryQualified Business Income Deductiontypes of retirement plans and various limitations (SEP IRA, 401(k), Roth IRA, etc)how the property management company will be treated for tax purposes (partnership, S corporation, single-member LLC, etc)passive vs non-passive income/losses (are there passive losses which could be limited by converting some of the passive income to active?)

As for syndication, I know what it is but never fully educated myself on the topic to get a good feel of it.

When I say I am new, I am very green in practice - outside of buying and selling my primary residences and renting out part of a property I own, I haven't don't much else with real estate.I have put quite some time into reading up on different topics in this area and watching podcast, webinars etc.

I feel that the insurance topic is a not so commonly discussed topic on the forum so I'm just doing my part to share and hopefully specialists like you will help steer investors away from my type of incidents.

Interesting question, looking forward to someone shining more light on the topic. 

Since you are non-spousal with your parents, you might get a partial step up in basis upon their death (sorry, rather morbid topic, but thougth you were asking).