I think your points cover my limited knowledge on this.   

As I got liability insurance, an umbrella over for $3 million to cover myself overall, I called my insurance agent.

If you're going the umbrella insurance route, perhaps see if it will cover you for several things including just the routine slip and fall (like mold or earthquake).

I'm covering the leverage and have reserves in place for any capex expenses.

It didn't occur to me when I shopped for this policy, but will our rentals even be covered due to different ownership?   

Quote from @Chris Kittle: Quote from @Trevor Finn: Hi @Chris Kittle,Your list covers the essentials!

For a flip, you'll want to get a builder's risk policy, which covers the property during renovations, including any damage from fire, vandalism, or weather while it's vacant.

Insurance companies often pay for temporary housing for families displaced by things like fires or floods, and they usually cover full rent!

This is what I think I know:- The borrower can choose to pay off the note at any time (by selling the property or just paying off the loan with other funds), so it is important that the legal balance covers my investment and some profit- The borrower could file bankruptcy (can someone confirm that this will only cause delay, but not jeopardize ultimately collecting the legal balance of the note)- Most of these DOTs will have a rent assignment clause, so I could try to enforce that and collect rents from tenants (essentially manage the property) while I am holding the note and trying to foreclose.

and how do i cover this up?