I refer you to Florida Statues 475.42 and 475.43 and the following URLs. https://www.richardhornsby.com/crimes/regulatory/unlicensed-practice-of-real-estate.html https://swflreia.com/2016/01/19/unlicensed-real-estate-activity-florida/ I have been a Real Estate Investor, since 1998.

I am active in the same areas you are looking.

And when mixed with the power of compounding, real wealth can be generated from a relatively modest investment.The real return on real estate is not always easy to see, which is perhaps why investors do not pursue it as actively as investments in equities or fixed-income instruments.

are all lawsuit bait.BE AWARE - the state employs “testers” who actively try to trap landlords, lenders and others into making discriminatory statements or taking discriminatory actions. 

Setting up an LLC and keeping an LLC active costs money, not a ton, but it costs money.

I'm only nearly 5 mos in on my venture but we need to carry the following for our residential care (assisted living)  licensed for 41 beds - but we can hold 36 beds in our current configurationGeneral Liability (We buy through an independent broker - basically covers medical malpractice, any slip/falls etc)Workers CompAnd even though you arent interested - Non owned auto insurance in case staff use their own vehicles to run an errand etc, building insurance for wind/hail etc inc general property liabilityAll of this runs around $33k to 36k a year for us - thats before health insurance for us etc - Work Comp is the most expensive part of that mix.Your best bet is likely not to find the coverage by calling yourself - you'll just waste your time - find a broker that can sell you this insurance - as far as limits - some of the limits are state mandated and will be in the regulations. 

But In this case he is moving his property after the deal closes and the likelihood of a due on sale clause being activated is anyone’s guess (I’m not going to speculate on that) but if you listen to @Scott Smith on podcast 109 he points out a lot of reasons as to why a LLC is way better protection vs. just an umbrella policy if set up and ran correctly.

@Rob BiancoAs someone who is also in NY and is an active out of state investor, I can tell you that meeting other investors who have successfully invested out of state will help you immensely. 

My thought is to look out for any illegal activity at your property.

Wife and I want to start and actively support a few charities once we get the ball rolling.