Before I purchase an insurance policy I wanted to seek some guidance on the best way to proceed.I received 1 quote so far for a HO3 policy that has 600k+ of dwelling coverage, 70k of additional structure, 450k personal property, 200k loss of use, 500k liability, and a few extras like equipment breakdown, water backup, service line.

I'd do higher density infill and go as vertical as possible. close on the cash land and then entitle it and seek partners. that's how we structure every deal. without land you have nothing. without a balance sheet you have nothing. if you don't have those then find someone who can bring all of that and bring the boots on the ground and the experience. 

Call or seek other funding such as bank loan or preferred.  

I'd strongly recommend seeking out other purely passive accredited investors and focus on building real relationships.

This will be a first for me, so I came here to seek advice.   

I'm new to real estate investing, and I'm seeking to learn and start investing for income generation and wealth building.

I am a tenant, not a landlord. I am asking for the approach a landlord would want me to take in my situation. I hope this post is not against any forum rules.
I split my time between my home city and where I work ove...

Pricing and rates change constantly so if you are seeking cash out of a rental property you can entertain a second DSCR equity loan up to 70CLTV to keep your first in place or take a look at a full new cash-out option.

These sellers typically want a fast sale to move on with their lives and avoid ongoing conflicts.Relocating SellersPeople who need to relocate for a new job, military deployment, or other personal reasons often seek a quick sale to avoid the burden of managing a long-distance property.Inherited PropertiesHeirs who inherit a property they don't want to maintain or manage may be eager to sell quickly.

If you simply want to "get involved in it" I would suggest seeking out local, licensed property managers who are hiring.