I know Builders Risk Insurance kicks in once I start the build, however, I'm looking for liability insurance to cover the vacant lot while it is just sitting there.

We look at it like a potential buyer, not an investor who sometimes banks on the property selling toward the range of the higher comps.We don't "send you how to books and tapes" We have a trained staff to help you work on your business- a deal desk that you can call to review any property you have under contract, a compliance team to review risk factors, construction project managers that will vet your contractor bids - in addition to the resources that help you learn THIS SPECIFIC way of evaluating deals- finding the types of properties that do qualify for low or no cash to close.

I carry insurance based on rental, tenants have insurance, and a personal umbrella on top of that. 

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Understand you can not eliminate all risk, only mitigate it.

A little food for thought with that idea and a way to reduce risk on maintenance is offer your properties as lease options or owner finance.

Either that or your reserves will have to be sky high for lenders to hedge their risk on future loans.

I can't justify buy and hold in the silicon slope area without taking on a lot of risk.

You can always talk to an attorney, but this doesn't seem worth the risk.

Is the Seller carry back a zero coupon note or interest free?

In your opinion whats the biggest risk with using hard money?