I need homeowners insurance, insurance to over my rental and umbrella policy (to cover me) for both of those if I’m correct?

Hey James, to clarify you weren’t asking how to Brrrr, but rather can it be done in the Utah market, correct?

@Anthony Bright - The answer provided by @Harjeet Bhatti is only partially correct.

We decided against the LLC route after finding exactly what you did, that loans are cheaper and longer without one, and we wanted to lock in low rates for 30 years, so we went the umbrella insurance route. 

He was asking for the process and I explained this to him.....please correct me if I'm wrong:Since he and the seller are discussing directly as his landlord, I said he'd be best to use a real estate attorney and title company, leaving Realtors and commission out of it. 

. , you're correct.

I think you have the correct price point in mind for our area though.

That should then not be classified as an "eviction", correct? 

Please correct me, and be blunt if my thinking is wrong but it seems like if I move in and live there for one year, I will be able to save money from renting somewhere else while building equity in the property.

Our ultimate goal is to have around $1mil liquidity to be able to purchase our own land, build our own home, and still have a little bit of a buffer, while also having rental properties for our passive income.I know we could fairly quickly get to $1mil buy buying and selling but I wanted to know what you all thought about what a good roadmap might be regarding that (how many properties to buy and rent vs sell, etc).I have a friend who is very active in these forums who originally lived in Los Angeles and his first properties were basically in the ghetto of the middle of the US.Would a good route be to purchase apartments in the ghetto and be a slumlord for a while to launch our empire?