I recently got into an accident with a driver that has no insurance, and I only have liability coverage.

Using very attainable #s, like projected rent, projected vacancy, etc. will go a long ways with insuring you make solid decisions.      

There was no need for a special lawyer as the process is pretty standard.

They also provide split roommate payments, screening, maintenance requests, applications, renters insurance, late payments, and expense tracking.

I am rounding to make it simplerGross income $158,000Expenses------------------Insurance        $11,500Office                $400Collections       $550Cable               $2870Property Tax   $7800Repairs/maint $12,800The expenses look a little low, but the owner is managing himself. 

This is very helpful.Isn't it standard to have a non-refundable deposit, which goes towards the Option sale? 

Something else to keep in mind is a LLC does not provide absolute protection so you still need to take other measures to protect yourself like insurance, umbrella insurance policy, trusts to help further hide your identity, don't use your name and home address as the registered agent for the LLC. 

I was told by a mortgage broker that because I own 2 homes CMHC won't insure my mortgage meaning I must put at least 20% down.Any ideas if this is correct or how I can get around this?

@Patti Robertson   and or to under write them to dodd frank standards. 

My question is what insurance do I need to have to be covered for this property?