Your DSCR (Debt Service Coverage Ratio) will need to be 1.25 or better. 

If it is a pipe that burst and it was sudden and accidental, you may have coverage. 

In the latter 2 scenarios you end up spending a considerable amount of money hiring an insurance lawyer to battle with your insurance company to get the coverage you need.The irony is – more often than not – the insured isn’t even aware of the limitations or loop holes thus gets taken advantage of and ultimately pays the price.

The Umbrella gives additional coverage above the limits of liability on the underlying policy. 

You're also coming in low on the 2% rule and your debt coverage.

It's what I've always used for the bigger apartment complexes I've worked at, but they also offer a version for smaller-scale landlords. that's more affordable yet still comprehensive.

It will, of course depend on your policy and coverage.

Additionally, you'll want to perform a fully comprehensive credit check.

CPAs generally don't write letters these days, it'll cause them to lose their insurance coverage.

Whether or not you hold in an LLC or not, you will need the same insurance coverage.