After reading so many intros of young, single, eager individuals, I'm hoping I'm not too late to the game! 

These costs for most of the individuals are considered personal in nature (unless you have a RE portfolio that is run like a business; see below).

Best neighborhood and best assets are subjective and largely based on the individuals capabilities (balance sheet, skill set, time etc.)

Individuals are purchasing these properties, rehabbing them, and raising rents.

I focus heavily on the sell side and on the buy side only work with high net worth individuals so the newbie wanting a 400k multifamily with an FHA loan probably isn't for me. 

While I’m still in the early stages, I’m incredibly motivated to learn, grow, and surround myself with like-minded individuals who can help guide me along the way.What drew me to real estate is that I saw it as the best route for me and family to have financial freedom.

Whether its for investors, agents, or just a general meet up for like minded individuals .

When I partnered with friends on a multi-unit property a few years ago, we chose individual umbrella polcies from our personal providers.

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

I understand I can increase liability in each individual landlord policy, but one single umbrella policy is much more cost effective when I have multiple properties.