What, otherwise, will be the policy in relation to dividends – to what extent is it intended to distribute / retain surplus profits?

But, there are several considerations that can go into the analysis of whether you need an LLC or whether a large insurance policy will suffice.

The places of concern had zero mold and we are good to go. 

What is your late rent policy?

I have personally never met an owner that was sued and lost their investment(s) so I think the hype surrounding LLC and umbrella insurance policies is just that: hype.Talk to your CPA, educate yourself, and determine what protection is best for you.

My deposit policy is a minimum of one month's rent.

It seems risky to me but I suppose everyone has a different level of risk tolerance. 

There are certain breeds that make it very difficult to get Homeowners or Dwelling/Fire policies.  

There are some great fun towns outside of CA of course, but depends on your lifestyle preference (and weather tolerance) as to whether or not it'd be worth the move.

@Andrew Angerer if you are using a conventional lender you have zero control or decision with the appraisal.