I suggest finding out the capacity in gallons and the heat output measured in BTU's, and do some research to find out if it's sufficient.

Neither insurance nor a LLC is foolproof measure to protect your assets. 

I took some pics and measured it - its 4000 sq ft.

Cash flow Wealth is a simple measurement of the spread between income and expenses (including your mortgage  note).

We are very nervous to carry a 2nd mortgage (if we could even qualify for one), so we would want to purchase a rental property fully... what type of property do you think we could afford or should aim for here? 

This requires you to set measurable; weekly and monthly goals that you can easily track.

If you recall, from February (pre-pandemic) to the bottom in May, sales collapsed 32.1%, as lockdown measures and widespread economic uncertainty took hold across our country.

No a cap rate does not measure performance. 

@Christopher Thomas you are installing safety measures externally for multiunit properties including lighting and external cameras.

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