Also depends if there was an estate tax return filed or what basis was given to the beneficiaries and whether any discounts were taken due to partial ownership/minority interest. 

You can learn, file, pay fees, get rejected, re-apply as many times as you want.Just because it doesn't appear complicated, doesn't mean its easy.

It's an interesting situation because I live in a most expensive area where you cant really get a single family townhouse for under 250K anywhere in the town and the standard of living is pretty high.

Be very friendly and assuming you can pry a forwarding address out of them the day after they move I would file with Small Claims Court for all lost income up to the time it is re-rented.

The cost of maintaining the LLC, filing a second tax form, etc will most likely exceed the cost of the Umbrella premium.

In some cities, you can actually “self certify” that it meets the standard.

If I did, I would pay income tax and 10% penalty.QUESTION: If my kids took a $5500 distribution each (which is the max roth contribution, and less than the $10400 max allowed by the irs to NOT file an income tax return) would there be any penalties or taxes to be paid other than the 10% early withdrawal penalty?

It seems that it's standard, that if a tenant doesn't pay by the 5th(or whatever grace period is required by your state or country, if any) that tenant needs to get out.

Housing inventory across the U.S. currently stands at a 3.2-months' supply, according to the latest report from the National Association of Realtors.The inventory of homes for sale is low by historical standards, and that represents a seller’s market.

Use your standard rental agreement.