Also keep in mind that there is a $1m maximum loan exposure you can have with FHA.

Linda, Regardless of whether or not you want to insure the Property exposure of the rentals, you will want to have Liability coverage.  

We'll see what we can do, but we are currently spending more time to open up new markets and expand our exposure to more opportunities.

Since you are not the flipper and you apparently don't have any responsibility for LLC operation, I don't think you should be as concerned with best practices as you should be with protecting and recovering your investment while limiting your liability exposure.

I am keen to learn the market and the industry, so I am currently most interested in starting in Debt (balance sheet, CMBS, capital markets, etc) to gain exposure and maximize my at bats.

Some people get into wholesaling, others become an agent or get a job where they can get exposure.

I maximize exposure. 

So ideally you would understand what exposure you face and establish an asset protection strategy that is adequate for you and allows you to invest forward without the fear of something bad happening.P.S.

I have little to no exposure to the market and I'm looking to gain insight, knowledge, and experience!

I often break it down into the "five pillars" of protecting your assets.1st pillar is avoiding unnecessary and risky activities (don't drink and drive, insurance generally won’t cover your poor decisions) and take good care of your investments - these simple steps will help you prevent lawsuits before they even occur.2nd pillar is a good insurance policy as that cover the majority of your exposure.