Some people here suggest using a umbrella insurance policy and just having the property in your name. 

Insure your income property to 300k with a landlord protection policy.

Maybe you can't do that in your neighborhood, but I can, and it builds a huge sense of trust and sense of safety with the guest.

An added bonus is the asset liability protection, but I realize a good insurance policy is an adequate substitute for that too. 

If you own multiple buildings you can consolidate all insurnace into one master policy.

My Farmer's insurance agent sells me a special policy via US Assure that costs about $400 for 6 months - but my property values are lower than yours.

I will be a new landowner.  I am purchasing a condo in Cypress, CA.  4 bdr/4 ba.  It's a brand new unit.  What's a good insurer?  How much deductible should I have?Thanks!!!!

Off topic, but don't go through the trouble and expense of forming a LLC unless you already have several million dollars worth of assets (not the case for most newbies) ... just put the properties in your name, get an umbrella insurance policy, and run a tight ship.

I always recommend a warranty or policy, not just an inspection.

Families that are looking for a home that have small children may be turned off by a pool due to the safety risk, but your experience may vary in the Midwest.Best of luck.