As well as having insurance in case something bad accidently happens to the Property.

I have helped hundreds of Veterans with this strategy.You should have a small reserve set aside for repairs or unexpected expenses, say like $2K-$5K, depending on the property condition.

I understand I dont necceasily need a LLC to get a rental property however since I am a business owner I know there are some benifits like not having it under my personal name and protecting myslef in case of an accident in the rental property, however im not sure if this whole rental idea should be on a whole new LLC as well and not on my small business LLC.

@Kermaury MusgroveInvesting out of state can have it's challenges and extra costs like travel, bad people, unexpected repairs.

You also might face unexpected costs like special assessments, and market saturation could impact rental yields/resale values.

A big unexpected $30k issue (I've had several) will take decades to recover from. 

This policy should outline your criteria for tenant screening, including credit checks, rental history, employment verification, and background checks.Renters Insurance: Renters insurance provides financial protection for tenants' personal belongings and liability coverage in the event of accidents or damage within the rental unit.

What is my reserves amount that I need in case of unexpected capital expenditures?

Because, while it's possible for an accident to happen once in a while, it starts to look a little less accidental when it happens several times a year.

Just wondering if anyone has done this and what safeguards (contract, insurance additional coverage etc), if any, they felt were necessary, and if they've had any unexpected issues.