I suppose house hacking isn't an option for you at this time?

@Parker Robertson There are several other options out there like JWB, Midsouth homebuyers and Crestcore to name a few. 

Best option is using an attorney to at least review the documents.

And if not- what are the creative options?

Those types of properties are usually pure cash flow options.

Hey @Andrew Pryor, You definitely have some options...I have an entire novel I could write here on ways to make this work.

I gain occupancy at the end of the month, and looking to begin on some of these projects then.I am a newborn when it comes to the real estate world, but I am trying to retain all the knowledge possible to become successful in this space - building a team, what type of real estate to enter, loan buying options and experience, location location location, you name it.

To see how you are with being a landlord again, then gradually scale from there. with the remaining cash on hand, you always have the option to pay it off whenever you'd like or keep it on hand for any repairs/ maintenance that comes with being a landlord.  

What other insurance options do I have to protect myself from liability?

When there are options, unless your place is extremely special, the only way you can compete is on price.