How often is an individual successfully sued for an amount that exceeds their insurance coverage?

However, vacancy means covering 100% of the expenses.Multifamily properties almost always generate higher cash flow due to multiple income streams, which also reduces the risk of vacancies.

What you would want to evaluate is the income generated from the income-producing property(s) to see if the income from your rentals would cover the cost of your new HELOC payment.

The purpose of “asset protection” trusts is to place assets beyond the reach of creditors who have claims against the individual who has “settled” that trust.  

Best thing to do is have it I a high yield savings that is generating money on your money and is very liquid when you need it.

Yes I could do a generator but that is more bother, tell the tenants to turn on the fireplace.  

Is this something you've ever done as an individual landlord, or is this something more for larger multi-family properties only? 

It's been generating an average monthly profit of $1,000.

We basically want property to generate some cash flow and long term appreciation.

When you do that groups of people will apply, rather than random individuals.