Liability and umbrella insurance policy should be sufficient.

We are looking to buy a small apartment building next year, 20-40 units (or larger if we find the right property).Question - Can cost segregation deprecation be used to offset active income from his insurance business?  

If you have any investing or insurance related questions you can shoot me a pm anytime.

The back end is housing payment plus visa, auto, student, monthly payment.

He paid taxes and insurance at closing, and presumably some PMI too?

He paid taxes and insurance at closing, and presumably some PMI too?

Like insurance or the name on paper with the property management company?

If you venture into the area, I'd be sure to get appropriate insurance coverage (i.e. wind, flood, etc.) just in case it happens again! 

My current hurdle (and I'm imagining this to become more prevalent with the federal limit on property tax write offs) is that our exposure with the LLC. having a free and clear asset is large and homeowners insurance is denying us when I ask for a LLC.

Here's some basics of an option agreement: Option basics You'll have to negotiate the option fee.Have an attorney prepare and review the documents with you to insure it conforms to the laws of you state.