Regardless of how well you know the renters, it would be a good time to consider increasing your Liability coverage with an umbrella. 

Where did you find coverage when you left your W2 jobs?

@TJ Addison - The first note I ever purchased was a performing note on a good property with solid equity coverage.

And what would you recommend about the amount of coverage I have?

We are trying to be safe with the coverage that we have, I also do not want to leave us exposed to risk. 

The yes or no will come from the Debit Service Coverage Ratio and your FICO for the most part.

That means you will not have the coverage as you would if it was in an LLC; however, if you do that and include an umbrella policy that covers $1 million or more would put you well covered and save the LLC cost yearly.

Here are a couple articles with some scenario'shttps://www.independentagent.c...https://www.reddit.com/r/Insur...For the amount of coverage you receive, the price you pay is minimal. 

They can work with us in having dept coverage ratio of 1.1 for our rental properties which will allow us to secure 5 mortgages (max allowed with CIBC) with them without needing a crazy amount of income which is needed with other banks were using the total dept service ratio. 

Ask for lost rent coverage.