@Kendra Mattson look up cost segregated depreciation and de minimis safe harbor election and/or read my blog.

It might be the board of directors or the bank president...something like that. 

Just ask for all the available coverage's on the policy and what thee additional premiums would be if elected.

Just create and LLC and elect S Corp status with the IRS for tax filing.

I am originally from LA, and I can highly recommend Inna Khayut, CPA at KATZ, KHAYUT & STROLL, LLPAs well as Alan Tsarovsky, CPA, President of www.taxadvisorygroup.com/Both are knowledgeable about real estate, and very good people.

If possible, during rehab, address some things that will help you insurance wise later:- full upgrade of the electical- full upgrade of the plumbing- removal of any sheetrock, trim, etc with lead paint- new roof- address any drainage/leaky basement issues- hardwire smoke and CO detectorsI know not all will be able to be done but most are cheaper during a big reno and will make you a better risk for the insurance companies. 

https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations#SafeHarborElectionforSmallTaxpayersSafe Harbor Election for Small TaxpayersYou are not required to capitalize as an improvement, and therefore may be permitted to deduct, the costs of work performed on owned or leased buildings, e.g., repairs, maintenance, improvements or similar costs, that fall into the safe harbor election for small taxpayers.

@Brian OrrDid the LLC make the election to be taxed as a S-corp?

I'm a bit biased as I'm the President but we have a ton of resources and events for investors. 

Up to you.Hot water heaters are elect and the tenants appear to pay their own electric bills.