Its mostly to protect you and your assets/cash if the injury exceeds the insurance policy limits.

I decided not to go that route and start looking for a good PM in Kansas City to buy some cash flow houses through and manage.

You want to buy a rental at some point and you're building up your cash.3.

@Jonas Frederiksen, Are you looking to buy cash for finance the investments?

Purchase price: $160,000 Cash invested: $480,000 Mixed use building. 1 storefront plus 2 2-BRM apartments.

I've got about $400k to loan and if I can prove my model to myself, I have access to another $1m in cash. 

Find something you like, run some numbers, make sure you're not losing anything crazy per month (because it's tough to cash flow in Denver right now), and then buy. 

Quote from @Melissa Rivera: When a tenant is late, your policy should be that payments must be in full and with a money order or cashiers check.I would contact the tenant and tell them you will not accept or cash the personal check.

OFF market is where you find 99% of the dealsGood luckBTW you better be cash or it will be much more difficult, 

The seller of the property built them back in the 90's and paid in cash for them.