However, I have heard more than a few attorneys state that umbrella policies have the opposite effect of what is intended.

This makes the timeline on a wrap effectively 5-years or less.

Even if you have an LLC, you need to maintain the formalities of the LLC in order to use it as effective asset protection. 

Heard that if the house owner is from another state and the tenant want to bring legal suit to the owner he has to go to that state to effective the suit pursuit is this true?

Im a real estate wholesale newbie.I heard a great way to get started is driving for dollars so i been doing this for the last month or so and i think ive driven almost the whole city even though i may have missed a few spots.I looked up the owners and sent them mail.I think ive gotten maybe two calls so far and some letters returned because it was a wrong address or something.My question how effective is driving for dollars and has anyone gotten their first deal this way?

You get released of the mortgage and effectively sell the property without the traditional closing costs and Realtor fees.  

I have a GC I've worked w/ but he's often too busy on jobs to accompany me.Getting my real estate license isn't my priority now but I'd like to be able to effectively assess what type of work needs to be done.

Alot of changes out there, some states have made some special rules that effect lease/options.  

She has been thrown in... and apparently expected to manage effectively.

I have been struggling thinking how I could effectively use the existing infrastructure of real estate agents, (not MLS properties), without getting sucked into only working with one.