The petitioner in Chapter 7 has a homestead exemption, excessive equities beyond the exemption of a residence can be sold for creditors, they can have the equity to the exemption amount and find another residence!

And they want you to carry certain minimum coverages so that umbrella only kicks in on claims in excess of the minimum. 

That flu pipe could use some straps don't need that coming loose.

My passion for learning, resilience and competitive nature I believe will help insure my excess in this business.My goals for the real estate business is to establish a solid foundation and understanding for the market and how the wholesaling process works.

Proper insurance which would include an umbrella or excess policy is good first line of defense and an absolute must.  

There is also no minimum as to claims of equity that may be acquired by a tenant-buyer, a judge may well take into consideration a "buyer's" ability to pay an option price, regardless of the percentage of a sale price, if that amount appears to be excessive under the circumstances, for example, a buyer had $5,300.00 and the investor took $5,000.00 and basically cleaned them out, that can be an issue considered.

FEESApplication Fee (to cover administrative costs)... common in most markets.Move-In Fee (to cover administrative costs)... common in some markets, but not seen in others.Pet Fee (for the privilege of keeping a pet)Guest Fee (a per diem fee for the privilege of allowing a guest to stay past the customary guest period)Notice Service Fee (cost of serving/posting/mailing legal notices related to rental agreement violations)NonSufficient Funds Fee (cost of trying to process an NSF check)Rent Late Fee (violation fee)Utilities Late Fee (violation fee)Unauthorized Pet Fee (violation fee)Unauthorized Occupant Fee (violation fee)Unauthorized Parking Fee (violation fee)Unauthorized Modification Fee (violation fee) - modifying the structure of the property without written consent, includes changing out light fixtures and plumbing fixtures.Unauthorized Installation Fee (violation fee) - includes installation of  telecommunications equipment on the property without written consent.Smoking Fee (violation fee)Smoke/CO Alarm Tampering Fee (violation fee)Fire Suppression Equipment Tampering Fee (violation fee)Door Lock/Window Lock Tampering Fee (violation fee)Garbage Fee (violation fee for cleaning up and disposing of excess garbage)HERE ARE SOME OTHER IDEAS:Property Damage - charge as it occurs or as it is discovered.Special Services - charge as they are provided.

For the predator mind set, the approach is to make money from  an owner's equity by playing on factors unrelated to the property itself, such as foreclosure, tax issues, death in a family, excessive holding periods of time on the market, some social or financial matter forcing or influencing a sale.

But it doesn't sound like you have a lot of excess capital to play with, so a rehab problem could get pretty painful.Finally, if you finance a bad deal with a lot of expensive debt (eg the type supplied by a hard-money lender), you can easily find yourself in serious trouble.Sorry to be down-beat on a site that normally hypes real estate investing, but I'd hate to see someone who has done us all such an amazing service get into trouble.

For any year in which I would start on January 1 with a multiple of 60k in cash (from rental income plus excess personal cash), I buy another model property, using the same assumptions as the first.