Quote from @Franklin Marquette: For those of you that require your tenants to have renter's insurance, how much liability insurance do you require of the tenant?

Could anyone recommend insurance agent familiar with insurance of rentals.Currently, my property does not have liability insurance and is insured by Shelter.

@Tyler Speelman, A 1031 exchange solves the tax issue. 

I’m in the 33% tax bracket through my real job and this could be a big difference in taxes owed if we sold the property?

Yet, many investors overlook simple strategies that can significantly reduce their tax liability.

Does anyone else do it like this and who do you use for liability insurance?

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

Fannie/Freddie (Conventional) loans aren't just about rate and transfer taxes. 

Hi, I'm looking into potentially putting a couple of rental properties into an LLC, more from a liability standpoint than anything else.

An LLC does not impact taxes for rental real estate.