My three questions:1) Should I require each adult to complete an individual application, with that application including a section to list other adults who will be residing there?

State farm lets me do the commercial umbrella and keep original personal policies, but I have to increase the liability on each of the individual policies to 500k from 300k, which will add to each policy.

Because, in all honesty, after closing and you set up your recurring payments to pay the note every month, you may never interact with that individual again. 

I know this will vary for the individual and the type of investment, but it seems most are happy if the mortgage is covered and it cash flows some minimal amount.For an STRP, its not completely passive as I would be hiring someone to handle the listings/cleaning but its much less work than the business I own.

I did do a few deals in real estate for other individuals.  

There is going to be a substantial amount of time and money to simply maintain the grounds while you are looking for a buyer.

I'm buying a 1st position NPL on a residence in WA state from an individual who purchased it from a hard money lender.

., and I found something that I ran across in Lake Worth area as well (they are SFHs and leased individually).

Also, I previously bundled 3 duplexes from individual residential loans to a commercial loan.

Currently, there are five different sets of laws that attempt to define under what circumstances an individual is required to be licensed as an MLO.