@David RipplingerThere are several considerations that can go into the analysis of whether you need an LLC or whether a large insurance policy will suffice.

The biggest thing I noticed when doing my deal analysis is that the "rules of thumb" don't really apply in this area. 2% rule, 50% rule, etc.

Second, neither profession has a thing to do with investment analysis.

.), know your minimum cash flow or COCROI, keep looking at deals and practicing your analysis skills and Save your ammo and be ready to strike on a good deal. 

Even assuming the insurable interest issue is resolved in favor of there being coverage, the scenario sets the stage for litigation that will add to the expense.

Rank all the things that are important to you and do a full analysis.

Virtual Staging for the pictures2.

, rehabbed them, and got everything stolen from under their roofs (including the copper wire in the walls), right before staging. 

I try to shy away from outliers when doing an comp analysis and look to see what the majority of homes sold for.

I learned everything from coordinating volunteers for a demolition party, placating investor fears, project management, mitigating contractor disputes, market analysis for apartments, advertising, property management, etc...