However, Dodd-Frank is under the gun with changes (pulling teeth) from the Act under the proposed government funding Bill.The attack seems to be where you'd expect it to be, provisions were written by CITIGROUP  pulling the teeth on allowing the 4 big banks (that have 92% of the business at risk) dealing in securities allowing depository coverage, meaning the tax payer will be back on the hook as they were before the DF Act.

That's clever investing as most think an option locks up the property (guru stuff).When you buy a property under contract, you need to accept a Special Warranty Deed, that "excepts out" the outstanding lien interests, when that option expires you'll have the same coverage afforded by a General Warranty Deed.

But if you want more liability coverage, you can easily add higher limits or umbrella coverage that will maximize your liability protection.  

A General Warrant Deed conveys with title being guaranteed, any title issue for your LLC can come back on you, if you warrant title you have coverage that comes back to you personally as you held coverage.

I just got a few properties signed with new companies (apts / motels)I can compare values and coverages too see if you're falls in line..

The constraint will be the debt service coverage ratio (google this)... the worse the deals are (and they're pretty bad right now), the less NOI relative to the price (eg the lower the cap rate), the less NOI there is available to service debt.

But could also work against your father unless explored as part of his comprehensive plan.  

Yes, a PM managing for others, the general public, should hold a license.I would think that there would be a RE broker who would allow a new agent to hang a license, for a small fee, allowing rentals, the E&O coverage alone would probably be worth the fees and any backroom support they may lien on in any conflict.

Additionally, the seller would likely carry a 2nd...but i'm concerned we'd run into issues with debt coverage at that point.  

For instance, in Texas, very few investors understand that they can and should object to all exceptions to coverage, as allowed by contract, not to mention it often provides a great avenue for termination of a contract when absolutely necessary...even up to closing.