You need to ask your CPA to give you a definitive answer to your questions based on your unique facts and circumstances.Other related issues you should also consider ... your hazard insurance  policy and your title insurance policy. 

The seller/lender Should set this up with a serving co. and escrow taxes/insurance just like a traditional lender.

I have a rental property in Connecticut with one insurer, my primary residency with another insurer, and a short-term rental property with another insurer.

We can look at a low dividend stock like an insurance company, versus say a telecom with a high dividend. 

@Jim Hendershott my name is Terrell johnson I'm the owner/operator at dcm contracting service I'm licensed and insured my prices are very competitive, I have a very extensive renovation portfolio please feel free to contact me via Facebook Terrell Johnson because this site won't allow #'s to be posted.

We started getting bids and guarantees from city government, Burlington Northern Railroad,  Utilities, Carpet Layers, House Movers, Insurers,  Landscapers, etc. 

Fortunately, she has indicated that at her age, she will not need to purchase another home.I assume, I'll need to have her quit-claim the deed, put me as a beneficiary on the insurance, and give my attorney any information and authority necessary to deal with the bank in the future, should there be any problems.Has anyone done this before?

If you are just doing residential property rentals you really don't need more than a decent insurance policy.

It's been a great learning experience with several healthy headaches, but I'm definitely ready to make a move into a larger home with central AC as Texas temps break the 100's way too often.On the profession side, I spent the past 7 and a half years in insurance, and in mid-2017, I began saving up for the jump to real estate so I could immerse myself in the industry (and hopefully pick up a few good deals along the way).

More often than not , They will sue the insurance before they sue your llc .