In this situation the owner has a rate north of 7% so I feel that this should be a bit of an added safety net. 

In order to obtain a permit, owners must demonstrate proof of liability insurance, document payment of hotel occupancy tax, and pass a life safety inspection among other requirements.

I am looking to invest at JC but i would like to know in details like which areas is good to invest in JC as safety wise. 

Once the 3 or 5 year prepay is gone, you can pay it down like a 15 year to pump up the equity with the safety of a  longer amortization schedule if you want.

So your primary policies should be premium coverages, and then your Umbrella over the top should really just be viewed as the safety net for potential lawsuits. 

If you decide to rent the home focus on having plenty of reserves and a margin of safety between your rental expenses (mortgage, HOA, etc) and the rental income.  

Carlos, You are absolutely correct, there's  no need for a permitKeep in mind though, if it involves endangering yourself and public safety as to plumbing, electrical, load bearing columns and wall structures, etc.

It's a huge safety hazard and the perfect set up for a child to climb up there and fall over. 

"give you their MLS access info"If you are a broker or agent do not do this.It opens you up to liability and being booted from your current brokerage along with a possible sanction from your real estate commission.Many MLS's have private contact info for sellers,showing times,and property access codes along with other sensitive data.This is not something the public should have access to for safety reasons.If their is a public MLS info system that is different.

I can't afford liability insurance because my cash flow is razor thin.