We could use an extra set of eyes!

I know many people recommend holding each property in separate LLCs - which we may do in the future, but in the meantime, would obtaining a $1M umbrella policy cover liability on the vacant lots, as well as any extra liability on the rental home?

I am 23 year old Marine Veteran looking to earn some extra cash flow.

I am 23 year old Marine Veteran looking to earn some extra cash flow.

Well he sent me the bill and receipts and also stated that the bathroom faucet broke and drain line need to be replaced and billed me a extra $100 for parts and labor to repair that which we NEVER discussed or if there was even an issue.

@Mitch MesserA foreign investor is only insulated from subsequent dances with exchange rates if s/he establishes an incorporated entity in the U.S.A. to hold their investments - they will have to pay U.S.A. taxes at the corporate rate, but can chose if and when they repatriate any retained earnings.  

I am not looking to make millions - would be nice - but even an extra $250 -$500 a month would have me sitting pretty.Best of luck to us all on this adventure!

However, you could invest same funds into a trust deed and earn 10% tax deferred.

Lenders are looking for safe places to earn interest and I don't think showing them a year of negative cash flow is going to have a positive effect. 

PROPERTY POLICY ($1,000 deductible)-Buliding:  150k-Rental income including extra expenses: 24k-Liability each occurrence: $1million-Liability General Aggregate: $2million-Personal and Advertising injury: $1million           --(I don't know what this is)-Damages to premises rented: 100k-Medical expenses: 5kI was also quoted a $1million umbrella policy.I was referred to this broker by a trusted source and I plan to shop around, but I need some advice on whether or not this is the amount of coverage to shop around.