Now that I have two properties, I'll be getting an Umbrella Insurance policy which should be able to cover me for 1M+ in liabilities.  

Insurance Loss proceeds can be some of the hardest to get reimbursed from your lender.

I can't drive a car off the lot (or drive a car PERIOD) if I don't have protection for insurance and while my car is one of my babies, my INVESTMENT is my baby that I'm building from the ground up. 

Brokers typically have errors and emissions (E & 0 insurance) specifically for misrepresentation of facts or forgetting a disclosure.

Too many other debt sources without the red tape to deal with and expensive legal costs to close the loans.Credit union, bank, Life Insurance, Pensions fund, Private investor loans etc.

Well now I have a little bit of savings after working hard and saving like crazy for a LONG time and I've decided to buy a home cash in Memphis so that I have less risk (vacancies, HOA fees, mortgage payments, etc. all scare me, being a newbie, so I see this as the lowest risk way to get started because even if the home sits vacant for a year I would only have to pay taxes and insurance). 

Hi David, well since you did not escrow taxes or insurance and if you're coupon rate is over 5% you're probably not in compliance with with cfpb.

Both of these objectives help insure good cash flow and cash on cash returns.Hope this is what you are looking for.

Make sure you job is stable, you have reserves, your credit is where it should be, you do your diligence on the city to ensure it has staying power, you do your diligence on the property, estimate costs correctly, etc.

I heard some say, get good insurance.