What type of insurance are you putting on your (in my case) Two Family -do I need an umbrella policy ?

Other than it being a additional cost to do business and financing being more difficult under a LLC as long as you have adequate insurance coverage there is little other difference. 

I wanted to throw the numbers out there to see if you all had any advice or if I was missing something.It’s a duplex, electric is separate but gas and water are shared.Purchase Price: 71,000Annual rent: 18,600Annual insurance: 1,200(est.)Taxes: 2,883Garbage: 290Vacancy: 1,860(10%)Maintenance: 1,860(10%)Management: 1,116(6%) 775 placement fee (50% one months rent)Capex: 930(5%)Total: 10,914Annual mortgage: 3,453.6018,600-14,367.60=4,232.40 cash flowUnfortunately management is a must since it is long distance.

It is a duplex, electric is separate but water and gas are not.Purchase price: 71,000Annual Rent:18,600EXPENSESVacancy:1,860(10%)Maint:1,860(10%)Managment:1116(6%)    750(placement fee 50% of rent)Capex:930(5%)Insurance:1200(est.)Taxes:2,883Garbage:290Total:10,889Annual Mort:3,453.6018,600-14,342.60=4,257.40 cashflowSeems like it could work, i am thinking i will have to bill the tenants for gas/water/sewer after I get the bill. 

We worked for an insurance and securities company that bought cashflows at a discount (including notes AND those lottery winnings you asked about).   

I made a claim with my insurance company. 

I would make sure you have a hefty umbrella liability insurance policy and that should suffice.

I'd only pay the monthly landlord insurance (roughly $120) and snow/grass.I don't have the funds to extend an all cash offer but am contemplating working with a hard money lender.

@Jill Peterson, I think it's a bad policy to amend your lease at all.

They will have property taxes, insurance, upkeep and liability.