My policy is that they pay the deposit in full within 24 hours.

@Sam Zawatsky So maybe I am not understanding this but as a property owner (PM or no PM) you should have a liability policy on your property.   

I doubt Alabama has a law keeping lenders from providing a copy of your credit report since it seems anti-consumer to do so, but I am not familiar with its laws.It is probably the lender's company policy.

Why do you think they are in such a rush to push their policies through on the fast track?

I shopped around (via recommendation from PM/Agent) and got a $740 policy.  

Yes I have the replacement cost policy and it is for a non owner occupied MF.

The biggest one is the "owners title policy" which is the title insurance to guarantee your policy.

Does anyone know if it would be possible to put the primary residence into an LLC after we close to protect the other assets, or will an umbrella policy be enough?

Here is a sample letter: Dear_________:I strongly encourage you to assure that no restriction of seller financing is inserted in S3217 or in any bill created in conference committees.

Put a clause in your lease that says 'no satellite dishes without the landlord's WRITTEN permission' and be sure to tell each tenant about the policy at move-in.