Also, not sure what relationship you have established with your property manager but typically people hire managers to take care of this part and be tenant-facing.  

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.  

Typical equity build up time is 5 years, depending on your market.But can you purchase another rental using your own capital?

Whats a typical multiple for such asset?

While they typically have considerable deferred maintenance, we're getting great terms.

We have regular evictions at this scale and they typically will take a few months up to six or seven months if the tenant contest/hires an attorney.

It'll be easier to start with a turn-key property, but if you have a good contracting team, a value add will typically offer better returns. 

typically no special license is needed when doing it for hard money loans that I am aware of. there may be states like california and nevada that are tricky where lenders need a license of some sort but for most part brokers i have seen are not licensed. 14 or 15 states require state license and NMLS registration.

Those horror stories are typically from amateur landlords that don't know how to screen tenants.

Typically these people are really forthcoming with info and can tell you.