An umbrella has nothing to do with those circumstances.I think some people hear umbrella and assume it's some sort of magical insurance that will protect them if anything goes wrong. 

Buy on market, nothing wrong with that.

When you said  "New Construction" I was assuming, wrongly" that you meant buying a newly constructed home and perhaps thinking you were getting some kind of bargain that created equity. 

If not, then you got into this way wrong from the get-go, and get that MAO sorted now. 

You'll never go wrong having an abundance of caution. 

Well...they can, but they would be lying or just plain wrong!

we are experiencing something similar with a property in western nc. its a large investment home, in a good area. we offered it at 100 per sqft . we have not had the attention it should have . i assumed it was due to storms , elections, interest rates. i could be wrong we may pull it from the market and finish it.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

There was an underlying sense that if a few things went wrong, we’d all be in trouble.

Check out the threads that Nicholas L. linked to above then use the search function and you will find literally dozens more like it and begin to understand what can go wrong.