Consult you insurance broker for specifics but I found this policy to be very protective and reasonably priced.With regards to an umbrella policy they are typically good to have.  

@Aishan Gonaduwage what specifically have you read, and how OLD was it, about Detroit being on the decline?

If these continual expenses are not made  you end up with slum properties renting for a minimum weekly rate to transients.I don’t know your properties so I can’t form a specific opinion; however, based on the information you’ve shared I trust your opinion and knowledge.  

So, is this something you'd consider, https://www.realtor.com/realestateandhomes-detail/10717-Kimb...?

@Tom OchiengI would reach out to a real estate attorney for specific advice on this situation since you already have one tenant who is being difficult.On a side note, when I have inherited tenants, I have been most successful when I have provided longer non-renewal notices, like 60-90 days, and offered to assist with moving costs.

The key is a great contractor and a clear, detailed, well-thought-out scope of work. 

Feel free to reach out if you have any specific questions about the area.

Proportional leverage (like 27% LTV) isn’t specifically required, but if you don’t reinvest the full amount or fail to replace debt, the difference will be taxed as boot.

This sort of thing is market specific.

Could you provide more details on how to get started with this approach?