If that seems like a lot of work to do before you even look at one property, know that your top competitors are doing that every day.

As was well said above, you need the liability coverage: adequate underlying liability at each property, and an umbrella on top of that.You should really discuss this with a broker, look at all your options, and understand what each of the policies does so you can make an informed decision.

Grerat time and area to start.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

I look forward to future posts about it.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Partially, to make the point that there are always those deals that do NOT fall in the realm of 'typical'.I recently rehabbed a house that I bought from a Professional Flipper who I have supplied cabinets and counter tops to (my day job) for many years.

Though I try to stay in the top 4 counties (Tarrant, Dallas, Collin, Denton) we occasionally go to Johnson and Ellis county as well.

High in crime and reported gang activity.The property is a turn-key flip, so it's in tip-top condition, practically looking brand new.

MC used to have some of the best schools in the state and the strongest real estate market trends; these days, they don't have a single high school in the top 20 in the state and the real estate market has stagnated relatively to other wealthy counties in the area.While I'm not presuming this is the sole reason for what you're seeing, it's interesting to note that MC is undergoing some changes. 

In judgments the typical agreement is to buy the note outright for maybe 10 to 20 cents on the dollar tops.

Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.