There are lots of factors to consider when investing out of state - insurance, coverages, and rules vary from state to state.

When you buy a foreclosure on court house steps (not an REO) do you immediately call insurance agent for coverage?

When you work with banks, they generally write loans that have a proper debt coverage ratio.   

It is used to calculate the debt service coverage ratio.  

Do we also need to buy some business insurance for the LLC that is comparable to the umbrella coverage?

Basic for would exclude much more than that and are often disguised (the agent's selling basic form hope you are more concerned about cost than coverage, and many RE investors fall into that trap).On a basic form you would lose Weight of Ice and Snow, Falling Objects, Water Damage (Think broken pipes), Collapse, Theft and Risk of any other direct physical loss not excluded on the special form policy. 

To me that cash flow is decent for a financed 4 unit bldg, but what is the price, debt coverage ratio, and amount invested? 

Not sure about fix n flip, but just had to find vacacy insurance for a rental and Foremost was the best one I found as they provide coverage for break-ins as well, unlike American Modern who told me they don't offer that coverage on the vacancy policy, at least in my state.    

Many commercial policy forms allow you to "buy back" coverage for at least one type of "pollutant" that is pertinent to landlords.

Buy rental homes that flood often and take the max amount of flood coverage through private insurers like Lloyds of London to save 20% on premiums.