Also, call your insurance company and ask how many properties can be insured under one LLC.

Rentals conducted as “net leases” (the lessee is responsible for all lease expenses, including taxes, insurance, rent, operating expenses, any mortgage interest/principal payments, etc.), however, generally do not qualify as a trade or business.If Non-recourse:No debt discharge income results from a foreclosure or deed-in-lieu transaction involving only nonrecourse debt.

Mid-$30k/unit  so with financing, insurance, etc CAP rate comes in around 9%.HOA has ~$30k reserves, roofs refreshed ~5 years ago. 

@Stephen Sykes I would suggest Suzy Jennings with Insurance Solutions.

The place to start is by calling your insurance company and asking them what your policy would cost.  

As far as protection, an umbrella policy can be sufficient for protection, but you'd want to talk this over with an insurance agent and probably a lawyer as well as I am neither of these things.

Insurance, tax, water, electric, garbage.$7,000 maintenance last year $5,000 of it from a roof repair.I think for this complex I will need to put down 35%, which I have saved up, but it's pretty much everything I have saved up.If I put in a 5% vacancy, and $3000 annual maintenance.

  #4 You can try to approach any nearby ALF or rehabilitation or mental health company and ask if they are willing to expand their portfolio and you can lease it to them for 2 or 5 years (usually 1.5 or 2 or 2.5 times standard rent).

The lender wants me to insure the house for Replacement cost which is 361K...

The bank will pay for the closing, but I am unsure who I use to get Title Insurance on the property.