I like umbrella because there is no worry of being pierced for inadequate separation of finances, if sued you have a heavy weight in your corner who has all the consequences of a defeat, and because usually it is reasonably priced (mine today is not so reasonably priced but I believe it is mostly related to the risks of CA).I do understand that the probability of needing the umbrella policy is low.  

From my understanding, as long as you intend on doing a STR when you close, there are no rules against changing your strategy after closing, especially if you find that something else is more profitable.So in our case, the lender determined an STR would bring in ~$3500/month (with all of their conservative factors), but now that we operate it as a huge 3300 sqft Co-Living property, it actually brings in $7000/month.

If not I understand and will work to generate a contract that encompasses all of these elements. 

I don’t understand why everyone gives so much anxiety to the due on sale clause.

I’m relatively new to investing but eager to learn and grow.

You'll need to really look at yourself and understand what you do well and enjoy, at the end of the day if you enjoy what you do you'll have more drive be successful everyday. 

@Shakthi Kamal read copy and paste advice below.For cashflow, you'll be looking at mostly Class C properties/tenants.Be SURE you UNDERSTAND what this means or your expectations won't match reality!

I would definitely talk to a contractor to understand what your build costs would look like. 

Speak with lenders early to understand your borrowing power, and explore multifamily properties to maximize your house-hacking potential.

Once you know who in your circle has $ to invest, you then need to understand their risk to reward level so you know what deals fit their bucket.