But like many will tell you, once you have rehab costs in hand, add at least 50% as a safety net.  

The cost for a large umbrella insurance policy is approximately $2000 per year and $300 in annual accounting fees. 

A discussion of risk could fill volumes and lead to tome-like posts though ;-)If anyone wants to learn more about the "pay off your mortgage for safety" versus "don't pay off your mortgage and juice the returns" debate you could fill out a whole week of reading on Mr.

We too have policies and procedures in place that prohibit washing vehicles on the premises.

Has to be in livable condition (no broken windows, utilities working, no safety hazards) and seller has to pay for it.

State Farm will not do an umbrella policy because My father and I will both be on the loan/title (thinking of alternative ways to do this, advice would be great.) and they think it is too much exposure. 

Those policies were underwritten for you, not the LLC.Early on I established a mgt co to oversee my portfolio.  

I actually read the policy and saw both of those exemptions/exceptions but wasn't sure if they were applicable and had planned to meet with an attorney this week to discuss this further.

I'm an insurance broker and many (but not all) insurers will list the LLC as a covered entity on a policy.  

What is their policy for dealing with evictions?