The lake level has dried up quite a bit BUT the property is still waterfront!

Do you need to have the cashflow now, or are you planning on growing the cashflow to some level in the future, etc.

You are learning several skill sets to include parts of a renovation, maybe management of a renovation from a higher level, and you are meeting contractors and realizing time lines for renovations. 

The bottom of the price range will typically have the best opportunity for rehab and rent, and as a bonus the level of distress at the bottom of the asking price range will typically turn off those happy couples looking for their turn-key white picket fence dream home, so competition for bids in that range isn't so crazy.

It does not include leveling of floors, tile or grout.  

We just have completed our renovation and added a beautiful AADU on the first floor of our split-level house in Seattle, Washington.Now we are in the process of refinancing and renting out the unit downstairs.We are currently living in the unit upstairs.My question is, which insurance type would be appropriate for our situation?

It was filled with old clothes and items and had 3 separate ceilings.

The building has a stone foundation that can be accessed from a crawl space that is below the entire lower level unit.

@MJ Kim there is still opportunity in the Columbus market...we have enormous transition across entire zip codes...if you are willing to assume some level of risk, can connect with a great team, and undertake a renovation and stabilization effort, you can do well.

The question becomes, what level of umbrella coverage (Policies are sold in $1,000,000 increments) are you comfortable with and whether or not the added protection of the LLC is worth the cost at that point.