Where do you plan to find your deals?

If you are accredited, the best thing to do would be to invest 50k into a syndication and soak up all the knowledge of how it works from an experienced operator before you make the decision whether it's your plan.

If you used a loan to rehab your property and find yourself in a difficult position, doing a straight refi (just paying off the old mortgage) will be easier than trying to pay off the original loan and take additional cash out.

You pay for the basement reno out of pocket and cash out immediately...instead of waiting for 6-12 months

The plan is to buy and hold. 

With that being said, I personally know several people who've had tenants that stop paying their rent and try to hang around for as long as possible. 

I’m trying to figure out how I can pay myself and buy another property.

pays your mortgage while you make Cash-Flow on those properties that you have under your name that pays you a higher ROI every Year.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

Focus on a 5+ year plan.