I rent out my other two rooms to Roomate’s and it basically covers my mortgage here

I thought I remembered hearing of some form of loan that has higher rates but can cover multiple properties and is flexible, so that they can be sold individually. 

Second part of that is if your rents are already priced at market rate... and that shifts down it could eat up the little cash flow you have.Non of this is a big deal if you have reserves to cover or the equity to with stand a hit...

My only concern would be a drop in the economy and not being able to cover costs in case I had to lower rent. 

Don’t let other’s opinions discourage you & cover your apples :)

It's not a renters job to cover your mortgage n make things ez for you. 

Having said that, a couple questions:*If* a tree were to fall onto somebody's home, would my park owner insurance typically cover damages to a tenant-owned home?

If you're going the umbrella insurance route, make sure it will cover you for several things including just the routine slip and fall (like mold or earthquake).

I have enough funds to cover vacancy, so I am not too worried.As far as it being in the hood... 

Find a buy and hold property with plenty of cash flow to cover your property manager.