The tenant carrying insurance is not sufficient to cover you.

Payment was made promptly to repair the damages but new carpet & padding was just placed on top to cover the extent of damages underneath without actually repairing.There was water leaking at the front of the home.

Charlie,  you have to be on top of what's going on in the town or you may suffer. 

The Refinance Loan amount must cover your original Loan and all your cash invested. 

Hello All,I was looking through the forums and did not see any post matching the information for which I am searching--I apologize if this topic has already been covered and I just overlooked it.

Do you have enough liquid assets to cover you in case something goes wrong (like an air conditioner or a bad roof)?

'Cheap flip' guy comes through ours & notices that the roofing & knee walls had all been heavily insulated & covered in 6mil plastic.

However, I know that the lease we now have covers updated requirements like carbon monoxide detectors, which is what I meant with being in line with the PA laws. 

I was then able to form the LP with myself as general partner and him as a limited partner, and took out an umbrella policy to cover my liability. 

@Brian Eastman covered the liability side pretty well but don't forget the huge benefit that I'm a fan of by using a ROTH, all of your rental income is tax free.