I am aware that since I’m renting one unit out I need a landlord policy, but can my policy be HO3 or does it have to be DP1? 

As the new owner, you’ll want the lease and your landlord insurance policy to take effect as soon as you take title to the property.Temporary Lease Considerations:While short-term leases can work well, leasing to a seller long-term often leads to complications.

Just make sure to look into the HOA’s financials, rules, and rental policies before buying.

That does not include any expenses, vacancy, etc.similar rent minus PITI does not equal cash flow.  

I own my own house and I own some land out of state, so I have assets I want protected.I have quotes and will be purchasing an insurance policy that provides 1 million in landlord liability and I can also purchase an additional 1 million in an umbrella policy.My question is, is it even possible, or has anyone heard of a landlord getting sued and losing over $2 million on a simple duplex?

Pity!

@Mohit Gupta  depending on number of occupants your regular insurance can cover it, read the policy, ours covers two roomers. 

.- verify the policy is current. 2.

The PM should be an expert on state law, and they should have policies and procedures in place to handle these situations.

And my PITI is only $1360/mo.