I have a rental property in Indianapolis, and I just get a homeowner insurance, with a high liability, but now I read that what I should do is to get a Non-owner occupied landlord insurance.

I think you're going to have a lot more tax liability than that. .   

(b) The fact that no deficiency shall be owed or collected under the circumstances set forth in subdivision (a) does not affect the liability that a guarantor, pledgor, or other surety might otherwise have with respect to the deficiency, or that might otherwise be satisfied in whole or in part from other collateral pledged to secure the obligation that is the subject of the deficiency.

Once I hit this point I will be able to buy greater liabilities while still growing my portfolio tremendously.

.- Because of the increased net worth and the liability of being a landlord, the investor will also prefer to have less liability.- The investor would like to be able to do a 1031 exchange of all 10 rental properties for a single larger commercial property, but it's hard to sell all 10 rental properties at one time for a good price. - Thus, the investor is thinking about selling each rental property individually (one at a time) and do a 1031 Exchange into a Delaware Statutory Trust (DST) after each sale. 

A situation like that would turn any cash flowing property into a liability and sink the business right?

If you cannot hold the liability to anyone, the cost will always fall back on you.

If it doesn't have a lead certificate on file, it IS going to cost you to delead, the state has pretty much made it mandatory at this point, at least if you want to avoid the liability of a lead paint lawsuit from a past tenant.

@Roxanne McClainHi Roxanne,If you are going to be a Pet Landlord, you might want to think about having "Pet Rules" for the Pet owners in the lease (a dogs paw print on the lease won't hold up in court).Then if there's a violation of your "Pet Rules" you could simply remind the resident they have to follow the reasonable rules of conduct regarding their pet, or you could (possibly) serve an eviction notice for "pet rules violation" (if your local jurisdiction will evict for that).Also an animal that has attacked a person or another animal on the property might need to be removed immediately to avoid a potential liability issue for yourself.

This protects the architect/designer/engineer from having someone copy their plans without their consent, have it reproduced repeatedly, limits their liability and makes sure they get paid for their work.