The quotes I'm getting are 1) dwelling insurance PLUS 2) general liability (1 million per occurrence with 2-5 M aggregate liability).  

Which companies in Florida, Miami, have the better rates for rentals, single family?

Disadvantage of Partnerships:Each partner has equal liability for all other partners, person and professional.Consult your personal legal advisor for the differences between:CorpLLCPartnerships

The property has a mortgage on it but I used a quit-claim-deed right after the purchase to transfer ownership to avoid any liability issues.

Thanks for the feedback everyone, interesting to see perspectives- the overall theme is that I can be doing much more with the money that driving around.Interesting thought, paying 10K now vs 500/mnth over 2 years results in the same net expense, but peace of mind and more importantly less LIABILITY makes me move head with the plan to downsize the ride and upsize the portfolio.

Keep in mind that an LLC is more of a reduced liability issue more than a tax issue.

Collecting a TIN after the payment will not alleviate your liability to the IRS for this.

The proceeds from the refinance are treated as a return of capital, which does not trigger any tax liability.

Not only you can reduce your tax liability now, but you can also use your retirement account to invest into assets that you understand and can control in a tax-deferred or tax-free environment (if you utilize Roth). 

It actually started with the International Accounting Standards Board adopting new accounting rules to recognize assets and liabilities, then adopted by the US Financial Accounting Standards Board which in turn was made a requirement by the IRS.