Landed my first deal - help calm my anxieties and analysis paralysis please

[Justin Dziedzic]

So as the title states, I just landed my first deal. 120k property, appraised for 128k and I will be adding new carpets, paint etc - just some light rehab. Mortgage, taxes, ins, etc will be about 1k (requires flood insurance) and market rent is about 1400-1600. So, on paper, it will cash flow fairly nicely. The only larger CapX that is potential is a new roof within the next 5 years - everything else is less than 3 years old, windows, electrical, furnace, hot water heater. 

Of course, as per usual, I am getting all of the negativity from the peanut galleries about lawsuits, etc. So my questions are:

- I have umbrella insurance through my home owners insurance that will cover up to 500k liability, those more experienced, is this enough? Being that it is in my name and not an LLC, I am concerned about that

- What do you use for leases, etc to ensure that you're covered? I know there are some here, wondering if anyone can point to a template for me? 

Being that I'm about to drop almost $40k on this, I'm having a lot of analysis paralysis and second thoughts haha. I appreciate any assistance!