Well you can but it makes it more difficult when you have zero cash to work with (ask me how I know!). 

I have the rental properties insured with a variety of lenders and no issues with putting all of them under the umbrella policy.

Probably go with just an umbrella insurance policy.

I've contacted 8 insurance companies/brokers and no one offers policies (issue being the subleasing).

I knew I was interested in capital raising. they had zero education about that topic.

@Benoy Varghese When I take over a property I send a letter to the existing tenants introducing myself and telling them where to send rent and provide the necessary information regarding my policy for dealing with maintenance issues.

Also, it's going to depend on your risk tolerance.

This policy will provide additional coverage above what your existing policy covers.

I'm very new at all this and have zero experience or strategy.

Then don't rehab for zero COC return.But if you can spend $3000 on the lite rehab and increase rent from $1000 to $1050 then you'd gain $50 per month.50 x 12 = $600 more annually because you rehabbed.600 / 3000 = .2 or a 20% cash on cash return!