If you operate as a negligent party, maintain a sham operation, and get sued.. no insurance or corporate cover will help.

I am a Certified Public Accountant (CPA) by training and worked in Corporate America for several years as a Chief Financial Officer.

Corporate fundamentals are not bad.

Oh, I also have the task of convincing my wife.....she, like the majority of Americans lives her life based on FEAR and is not very excited about my intentions to enter the RE market:)Thoughts?

Of course, an attorney could try to pierce the corporate veil, but just the fact that you previously owned it in your name nor that you hold the note should not be enough to do so.

As your slow season approaches, look to Realtors for clients needing housing between homes and look into workers on a temporary gig from another city, especially if you are near some large corporations or a hospital.I'm in the process of closing on a vacation rental up here in WI myself, located on the Wisconsin River, and plan to buy a couple more (will rent for $200 to $300/ nite).  

I currently work in downtown Chicago and have been climbing the corporate ladder for the past ten years.

I'm thinking about asking the property mgmt company to use American Shield or another type of warranty company to get a handle on expenses.

I've been using American Tenant Screening for years, great customer service and fast!

I suggest you consider two attorneys, one better skilled in real estate contract law, corporate law, estate planning awareness, another who hammers out evictions and takes care of routine matters.