Ultimately, if you are looking at purchasing more properties I would recommend looking into the Series LLC, as you only have to publicly file the "parent" Series LLC and then you can create an unlimited number of "child" series under it - each offering the liability separation of individual LLCs when operated correctly. 

As far as auto limits to qualify for an umbrella policy the 250/500/100 is standard.

@Linda WeygantSchedule E applies whether I am Sole Proprietor, LLC, filing as S-Corp, etc.?

Probate sales, standard, short sales?

Gold standard here is a 30 year fixed rate conventional mortgage (Fannie Mae or Freddie Mac products).

Setting strict standards up front sets the tone of what they can and cannot get away with.

Once you get a ruling you file to small claims court and if allowed garnish wages.Do you have a deposit from them to put toward rent.

We did and they pulled our property file and were able to tell us exactly what we can and can't do and if we could request a variance for our specific property otherwise you will be given some generic info that may or may not apply to your property based on the way it is zoned.

I underwrite 100s of properties per quarter, developed my own model to UW that's up to my standards (thanks to the Bigger Pocket template), and am ready to buy if I could just find another cash flowing or flip opportunity! 

You can a standard air compressor and buy some cheap parts from home depot and make it work.