Should I also get a separate umbrella policy? 

Hi,I've noticed that it's not uncommon to see homes where the garages were converted into separate living space.

Initially, I lived in the 1BR and then I realized that the separate entrance small bedroom and bath wasn't really used.

The Taxable Value is uncapped and equated to the SEV upon a sale or other transfer of property ownership, with limited exceptions.Once you know the Taxable Value, you can look up the property tax millage rates, which each city & county sets separately (with voter approval).So, yes, it is very possible for property taxes to jump from $907 to $3200 if the seller has owned the property for quite some time.You can use this tool to estimate your future taxes after they are uncapped: https://www.michigan.gov/taxes/0,4676,7-238-43535_43540---,00.html

Just be aware if you have a personal loan on the property and self manage, it can be hard to separate yourself from the property for liability.

Just know handling 3 separate rooms on AirBnB will be a handful... and you're not likely to get a ton per night since there's not a huge driving force for demand here in Dallas. 

I had to start over and have each deal funded separately.

Another sinario would be that of a couple who is separating. 

Since its a multifamily, do we need a separate inspection for each unit or does it just go off of square footage? 

I will have a separate bank account for the LLC, and I have separate accounts for the rent, security deposits and cash to pay for expenses for the property.