Insurance is great, but liability coverage will have a limit and there could be certain situations excluded from your coverage. 

You have to have lived in the prop as a primary residence for at least two out of the past five years in order to exclude up to $250k of gains (or $500k if you're married filing jointly).

Gain on the nonqualified use are not excludable under that 500k exclusion.Simple exampleYou bought a rental home on January 1, 2012, for $200,000.

You can buy an equivalent property with way more land for around $300,000 - 400,000 anywhere else in the country excluding a few places.I'd move if I could suddenly work remotely under those circumstances.

OR has a net worth over $1 million, either alone or together with a spouse (excluding the value of the person’s primary residence). 

In fact I tried to use new members as excluded words.

You need an unbiased opinion.Here's a research done by a lender for multi family (they have offices in many parts of the country - excluding Cincinnati) and they reported that Cincinnati is a good city to invest in: (in fact, institutional investors have recently flocked to it - if you want to succeed, watch where the "big money" goes to)https://arbor.com/blog/cincinnati-multifamily-market-expansion/Cincinnati is where I invest and I live here, so yes I am biased but again, put more weight on the above report.

As of now, the house has 200k in equity (valued at 400k with 200k left in mortgage).By having the Lake Stevens house under my name, I would be able to use the HELOC for a down payment to purchase my first property (excluding the Lake Stevens house).

For some very basic info for the amount of active listings in the Springs MLS (excluding Pueblo):5 - 6+ Unit Apartment Complexes $667k-1.8MM1 - Fourplex needing substantial/complete rehab $295k2 - Triplex's at $238k and $360k5 - Duplexes from $189k (complete rehab) to $580k. 

If both were insured on the same policy, the policy wouldn't cover either of them as most policies exclude liability coverage for those insured under the same policy.