In fact, sometimes, it's a dangerous thing to have money but no knowledge and then you jump in and lose it all.

The right legal strategy can simplify and deal with those concerns though, no matter how many properties or jurisdictions you invest in.When I sit down with clients I will always discuss (1) their personal assets, (2) what their current investments portfolio and other business ventures are, and (3) their future goals.

They are like anyone else they will be fearful that the bottom is not here.. and if there are deals that means someone is losing money in real estate and that will dominate the news.. 

I would go beyond just the insurance, especially with your multi-unit situation, though insurance would certainly be good to have.When I sit down with clients I will always discuss (1) their personal assets, (2) what their current investments portfolio and other business ventures are, and (3) their future goals.

Downsides are if he goes bust, we lose lots of units at once. 

If you can't do the rehab or have the money to do the rehab, you are going to lose your shirt on this deal by paying all of those holding costs. 

BTW - you have 3 years to sell your SFH or you are going to lose your 121 exclusion.

Thats why i'm turning to our community if i cant find a solid game plan im afraid im gonna have to back down and lose my first deal.

That said, I would go beyond just the insurance, especially with your multi-unit situation, though insurance would certainly be good to have.When I sit down with clients I will always discuss (1) their personal assets, (2) what their current investments portfolio and other business ventures are, and (3) their future goals.

Do you know how much you could lose in a lawsuit from a tenant?