I have landlord insurance but wanted to get an umbrella policy for additional protection. 

(Be sure to factor in vacancy, PM fees, maintenance, etc in addition to PITI)•Do you have additional reserves to cover unexpected expenses like long than expected vacancies, high turnover costs, or major repairs (e.g., HVAC or roof replacements)?

In addition we would like the flexibility for me to be able to supplement my income or leave my employer as we see fit.

However, if you analyze what we have vs. what other states have there are numerous reasons why we are a great state to invest in.I hope all of that makes sense but feel free to ask anything additional. 

With consistent rental income and a strong potential for future appreciation, this property offers a reliable addition to any portfolio.

Used a HELOC on a primary, and was sure that even with that additional debt-service, there was + cash flow.

In addition: I would withhold more money for completion.

Used a HELOC on a primary, and was sure that even with that additional debt-service, there was + cash flow.

Depending on the cash flow and your FICO, you should be looking at 75% or 80% (80% will have a significantly higher rate than the 75% but depending on your strategy could be worth looking at) of the new as-is value that you can get to pay off the rehab loan and get some cash back to go after your next property.I'd recommend looking at some of the BRRRR articles that have been written in the BP forums for some additional info on this process.

This is still a good investment in my opinion.Feel free to reach out if you have any further questions or need additional clarification!