Now let's say I find a triplex that covers the 1% rule but combined cash flow from all 3 doors is roughly $150-$200 or would you want to keep it at $150-$200 cash flow per door with the 1% rule applying? 

Properties are spending more time on the MLS, sellers are getting more motivated, and there are deals to be had if you know where to look.With fewer buyers in the market, we’re seeing sellers willing to negotiate on price, terms, and even offer incentives like covering closing costs or making repairs.

However I am wondering what I need to have in addition to cover repairs and others things that I may not be considering.Any advice and recommendations would be much appreciated!

though; (1) there are tenants in the house on a two year lease (payments are enough to cover mortgage payments), and (2) the Seller wants the option to buy back the property in two years.

Also note that my company will possibly either cover closing costs if we sell or provide property management for two years if we rent.

Umbrella Policies are good, but they are not an asset protection tool, they only cover litigation/damages after you’re already in litigation or found personally liable.

My goal is to live in the home during the winters, maybe 3-4 additional weeks for vacation, then rent it out to help cover the mortgage the rest of the year.  

Take a look at Personal Property versus Real property coverage, plus clean up costs to make sure your covered.I would also look at covering your project from the Subcontractors. 

I also cover the yard maintenance so it always looks nice.

It depends on where you want to live, income, personality, and other factors.You could buy a large home and rent out the individual rooms to cover expenses, but this comes with problems.