An umbrella adds a third line of defense. 

I do not want to be a jr. lender standing in front of a judge with a defense that says that I relied on the senior lender's loan app and qualifying procedures as my qualifying and documentation process.

I'm often accused of being defensive here.

If there is no deposit, this will be your defense in case the tenants come back and claim they paid a deposit.If there is a deposit, the seller should transfer the money to you at closing.

The "show me the note" Never was a defense, only an ineffectual theory by people who didn't know better, and by attorneys trying to lure in defendants as clients.

I no longer shoot rivets or turn wrenches, but am a program manager for a major defense contractor.

The policies also pay all defense costs over an above the liability limits until the point where the limits are exhausted.

.- Listen to Podcast interviews (BP, other) on MF- Read and participate in BP Apt forums- Attend Conferences - any MF Apt conference or syndication to get exposure / network2) Networking- Attend local MF meetup groups and get to know the players that are doing what you want to be doing.  

This is a great way to pick up buyers.Attend local networking events, fundraisers, conferences, happy hours. 

Our firm believes that consumer law attorneys will use a note investor’s failure to register as both a defense to foreclosure and also a basis for damages claims.Hope this is useful....