You tenant's insurance policy (tenant insurance) should provide for the tenant.

I'm looking to JV with anyone who can/is willing to provide GAP funding!

You also did not mention if you plan to manage the property yourself and anything about your experience with getting MTR and STR clients.To help you with reflections and suggestions on your post, it would be great if you were to provide more details.

The structure often depends on how involved you are/want to be, and in addition, what % of the capital required you're providing.

(Guy was drunk from a local bar that provided us evidence.)

One policy covers yourself (e.g. auto, primary home) AND your rentals.The umbrella policy provides liabiilty insurance OVER AND ABOVE a base policy. 

I'm not allowed to promote meetups here, but you can click thru to the BiggerPockets event listing, which will provide details if you're interested. https://www.biggerpockets.com/...

The challenges I have realized is keeping all the tenants from getting annoyed with each other, I try to make them work it out on their own and always provide alternate viewpoints for them to consider.

or before will require you to provide a lead paint risk disclosure.

Even with a PM these suck up way too much time for the amount of cash flow they provide.2.