Personally I'm keeping the one rental I have now in my name and using a well known insurance company with a solid insurance policy to cover me.

Im in a similar situation with a municipality, but if you are able to cover health insurance through the service, that makes the transition out of the traditional W-2 much more feasible and also covers all of your bases.  

He also said that I will get dropped as a client if I hold the insurance company to their $1k deductible they quoted me.

I'm going to have the outside vinyl sided which will be the only cash I have left in the deal.Actual Monthly Expenses:Mortgage Principal & Interest: $380Monthly Taxes: $68.92Monthly Insurance: $63.75Cap-Ex: $95Vacancy/Credit Loss: $47.50Property Management: $50Total Expense including estimate for vacancy and cap-ex: $715.17Rented @ $950 per monthExpected Cash Flow: $234.83Living Room:Master Bed/Bath:Under the cardboard box in the pictures were about a hundred cigarette burns in the carpet...Between the 5 people and 3 dogs living here when I bought it there wasn't a blade of grass in the back yard:Still haven't done the vinyl but it sod does wonders and it only took 1 pallet. 

You could also take loans from retirement accounts or life insurance policies. 

im planning to buy a 3 unit property in NJ here is the details purchase price $369000seller concession $10,000closing cost $15000downpayment $18500rate 4.651%1st floor 3 bd 15002nd floor 3bd 1418 (section 8) hoping to get $100 or more 3rd floor 2 bd 1250property taxes 11500 ( with town stating 2% increase upcoming year) so add 300 to that insurance is 200 a month estimate water is 200 a month estrepairs 200 est ( was recently rehab 5 years ago)vacancy 200 estmisc 100 esttotal cash down is 23k for everything reserves taxes etc since 10k concession is going towards closing imliving in one of the unit's bedroom with cousins so i expect to net $600 a month and live rent-free. the basement is unfinished but would like to find an investment app or site that will show me 5 to 10 years from now how this investment will be seeing how i would live in the property for 1 year. 

It's also important if you are on a 1031 exchange as well using those proceeds to buy their property.They could still 1031 exchange possibly you just do not want it as a contingency in the purchase and sale agreement.See if they would owner finance as they might not want to buy anything else but also do not want to get hit at once with capital gains and depreciation recapture.   

I do want to insure it sells and I dont lose money on the deal.

For instance the cost of insurance there is super cheap compared to where I am.

I feel the second a huge storm hits, your insurance company will be your best friend and you will be out for a long time.How do you manage owning a rental property in shore towns, dealing with water and freak actions of mother nature.Thanks,Cody