Also if they do accpet appilcations you need to have experience in BPO's and have all your ducks in a row to start listing, i.e. e&o insurance, licnese information vendors you are going to work with to change locks, trashout and property preservation.

This could mean investing in property flips or purchasing out-of-state rentals for more stable income, but it would require letting go of the $1,350 rental income from the manufactured home.What factors should I consider for each option, and how would an experienced investor assess this situation mathematically?

Before maintenance/cap, insurance, misc 107% of rent. 

In a quote for an umbrella policy, when I see it in writing it is labeled a personal umbrella policy with our primary home cars etc.  Our rental properties are listed as well, but those are owned in an LLC.  It didn't...

In the past with owning duplexes in Milwaukee, One rent paid for the mortgage and the other paid the property taxes and insurance. 

Insurance rates stand to rise dramatically, so the question is "will the insurance rates go up enough see rentals go into negative cash-flow situations?"

You will always have taxes and insurance and maintenance and capex anyway, so how much better will you sleep because you eliminated one of those expenses?

Also in my property folder I'd include a "Insurance folder" for anything insurance related.

@Jason Porto6-12 Months of Expenses: Many investors aim to have 6–12 months of property expenses (mortgage, insurance, utilities, and maintenance) saved. 

Co-hosting is just like any other business---- scalable systems. 1) Know how to build systems2) Find a mentor who will teach you3) join a mastermind that will teach you4) Learn and grow as you go... but have insurance.