First, you need a comprehensive education, then buy a small number of notes - say 5 or 10 to learn by doing, then rinse and repeat a few times over 18-24 months.

The coverage is not as good as a standard homeowner's policy and the cost tends to be more due to the higher risk.  

Look for a independent agent that:- represents multiple companies- has experience in the rental or construction areas- that, after talking to them, makes you comfortable that they will do their best for you.As you expand in your real estate business you may need some of the following types of policies:- renovation builders risk- vacant dwelling - apartment building policies- contractor liability - personal or Commerial umbrella policies - workers compensation- business autoIf you agent has only one option for companies or only handles one type of coverage it many not be a good long term choice for you.

Friendswood is close to the coast, so you may also need windstorm coverage, which is available from the state.2.

Banks will want at least 1.25x coverage and that is for superior class A product.

I know many companies do not like to insure uninhabited properties and if they do offer coverage, it's normally not that great and kind of expensive. 

For 100 units we like to get CAP 8%+, cash on cash return 12%+ and a debt coverage ratio of 1.6%+. 

They won't pay for extended coverage, or to record your mortgage, but cash is cash no matter where it comes from.

IRR, NPV of cash flows, Debt Coverage Ratio (DCR).

A true umbrella policy only sits over an underlying coverage.