The house was structurally sound, but the mechanicals were very dated and the property needed a minor facelift ($7K).

Ravi,A Personal Umbrella policy gives you an additional limit of Liability if the limit on your homeowners, auto, boat, or rental property (1-4 family) is exhausted in claim. 

I would use leak detection that auto shutoffs the water heater and dishwasher

There are programs that will also auto-flip to owner's account to avoid shutoff and these resulting situations.In addition to @Nathan Gesner great advice, you should check with an eviction attorney about how to legally keep the tenant from returning to occupy the property or pursuing eviction as necessary.

This is more likely in an auto loan, signature loan or credit card situation than a mortgage or heloc, but it's there.  

Mechanics lien? 

Don’t spend time talking to them about the mechanics of what they do - that’s available anywhere.

I do concur with Chad that you might want to start closer to home to learn the mechanics of the business.  

Have you tried Auto-Owners? 

Term of the lease is usually a paragraph of its own...this is where one might find the "auto renewal" clause and possibly "right of first refusal" clauses but not necessarily...make sure both of these are struck during the negotiation.