Generally speaking solid insurance and a good umbrella policy will provide ample financial protection for most liabilities.

@Celine Li Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

The power of real estate investing is owning the asset.

The recovery value of the asset.

When you do not have the financial support this is the best way to start. 

When offers come in, prioritize pre-approved or cash buyers for a faster closing process, negotiating where needed to maximize your profit.Finally, conduct a post-sale analysis to evaluate your financials, noting how actual costs, timelines, and profits compared to your initial projections.

It actually works out better when you enjoy the asset yourself as opposed to someone who just wants the money. 

Another thing to consider is if you want to setup "single-asset" LLCs that only over 1 property to further limit your liability.

I am starting out newbie, have young kids, have been a homemaker, but now want to do more for the family financially while also being available for my family.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.