The reason I'm asking is because I'm currently looking mainly in the southeast for an apartment community in the 50 - 100 unit range to syndicate prior to the end of 2019 and want to make sure I'm taking into account all possible markets if the financials, location and the exit makes sense.

You simply need to get an umbrella policy for liability purposes (same protetion as LLC) depending on you running the risk of getting sued and if you have a lot of personal assets.

Jerry,Depending on what the project is there are several options:- Renovation Builders Risk policy for the building & separate Liability- Vacant Dwelling policy endorsed to include the renovation- Homeowners or Dwelling Fire policy that will allow the renovationWhich option is best depends on the work to be done, duration, whether or not the building will be occupied, etc. 

Our policy is 'maintenance requests must be in writing' and will be taken care of in a timely (our schedule) manner. 

This was a really good reminder that we need to put together some sort of operating agreement and some other policy paperwork as well but I'm not sure where the best place is to start or should we just get a lawyer?

Also, did you sign any kind of property management agreement prior to closing??

I asked the bank to see if we can get a second approved appraiser but said that these are chosen randomly and is against their policy to get a second appraisal.

David,Insurance policies for flips are structured different than those created for buy and holds.Flipping policies will give you coverage during the renovation time period as well as any long term vacancy, usually more than 60 days.A buy and hold policy expects the property to be rented and can deny claims related to major renovations or during a long term vacancy.There are specialized insurance programs built for flipping that most flipper will use. 

@Shera GregoryInteresting that a credit check required prior to showing properties has not resulted in longer vacancies.Thanks for sharing.

Small operation the Property Manager will know you as well as all of your tenants personally.There is a trade off though.A big company is a proven entity whit proven policies & processes.