Like @Bryce Wong mentioned - how much to charge for your security deposit, and whether to charge last month's rent up front is usually dictated by local custom, so you need to know what policy other landlords in your area are going with.I recommend looking at other rental listings on Zillow, Trulia, Hotpads, etc in your neighborhood - usually those terms will be included by the more professional property managers/landlords.Another consideration is the total cost.

I'm going to go the total unhumble way about this and give you some solid numbers because it will probably motivate you more as it motivates meI'm at a full time right now at 70k salary but my monthly cashflow from rentals alone after piti, investors, expenses, etc. is 9.5k/month.

I sent him a letter explaining my business policies and what I expected from him.

This will be much better than the commercial rates and terms you'll get with an LLC.2) If you invest in your own name get an umbrella liability policy to cover you in addition to your regular insurance.3) If you buy in your personal name, don't bother transferring to an LLC later.

Can you recommend any insurance company for home owners policy there?

Hi Tim,Smart move as I've done this same move 3 times over last 25yrs, as long as I cash flow a min. of $300-$400/mo. and the property is $150k or less it usually makes sense to keep it and you have more than that after your PITI.

She's been great to help me and very creative.If you're looking to do fix and flips or have rentals make sure you can get a vacant property policy and builders risk.

Contact the local housing authority to learn their procedures and policies. 

An umbrella policy is a route to look into.

I would do MF because you have multiple tenants paying the PITI on one building.