I initially thought home insurance would cover such situations, but after research, I realized I need a separate insurance for service line protection... 

I plan to transfer the property to a TX LLC for purposes of liability protection not too long after closing.

Rural units can sit longer and anything that gets listed in November can sometimes sit until February.Rental demand between Thanksgiving and Christmas falls off a cliff and most people don’t want to move in the snow (Buffalo NY).I just had an expertise with a client who asked me to look at his rental.

Once you have reached your limit you can start using commercial loans in an LLC.The LLC is a legal entity that offers another layer of protection in some cases.

If you show a consideration for their time, value, and expertise along the lines of "hey X, I know your time is valuable and I would love to learn from you and see if we can work together later. 

It's all about protecting assets especially with regard to any potential future lawsuits.

We also replaced the roof to protect the property.

Listen to all the Pod Casts on this subject, especially one by an Asset Protection Attorney

After 3 years I want to rent out this house and take equity from this for a new house.Also, are there any protections for me as the buyer for a Seller-finance home?

You have to use the single handle with mixing valve and scald protection.