I am currently in a similar situation and need to evict a tenant

What I have done in similar situation in the past was split the cost with the tenant.

I have consulted with a few attorneys over the past couple years regarding this and have determined that for my own personal situation, umbrella insurance provides sufficient risk mitigation for my situation at this time.

While they go back and forth, I wanted to try and educate myself on the situation. 

For your situation it's hard to say, but look at both options and see which one fits your investing strategy and risk profile more!

@Noah SchulzThe previous owners' failure to disclose a back-paying arrangement complicates the situation, potentially leading to tenant disputes or security deposit concerns.

However, I received some feedback from one of my partners that the play here would be for an investor to subdivide or re plat the land for a multiple tenant situation.

They are like a co living situation, specifically ideal for college students.

However, I received some feedback from one of my partners that the play here would be for an investor to subdivide or re plat the land for a multiple tenant situation.

Sometimes if that is an approval verse a bank account showing $500K for example, the agent on the list side may need a little education on what you are looking to do, I always have the lender call the agent in this situation to get them on board to get the listing agent more on board.