You need the landlord policy if you are going to have a rental.As far as the Liability limit, I suggest having $1M for a single or duplex. 

Even if you win you have to find a way to collect.Then there is small claims which has a limit.

Hey @Alex Prescott, Like @Patrick Prunty said it won't be hard to find a lender that will lend to a borrower with no experience your terms and loan amount may just be limited in comparison to what the experienced investors would get.

The fun thing with notes, is your only limited by your creativity.

I think Teresa interpreted it correctly based on the limited info provided.

This has its own limitations.

I'm also concerned with whether the low income rent limits will continue to increase at a similar pace as inflation. 

If you have hard cash to purchase them, there is really no limit on the acquisition, it will be more on the refinance if you decide to keep them instead of selling them in the end. 

It doesn't have to be that much to start with, anything can be negotiated, but you need knowledge and/or sweat equity if you want to avoid being limited to a wholesaler or bird dog on a deal you find.

I would like to purchase in B- but my budget is limited for the time being.