Naturally the months of vacancy destroyed the profitability for the year but it was an important lesson which will be carried forward on our plan for future vacancies.

After that is paid off, our ability to take on risk will be much higher and I'm okay using leveraging for RE investments going forward. 

The reason i ask is the most under-valuated risk is typically repairs. 

You should not need a Builders Risk policy unless reno will go over 60 days.

With multifamily, that risk is spread across multiple units.If you eventually want to use OPM to purchase multifamily, having a proven track record investing in MF on your own is a huge plus.

I don't want to risk losing both tenants, as it'll leave my new property 2/3 vacant.Ideas I have in my head are:1.

On the downside risk side of things I'd try to ensure that nothing substantial has changed with regards to consumer metrics and preferences. 

So now each day is carrying half penny higher.

In my mind this protects the downside (of losing your home because you can't pay the mortgage) and allows you to take more risk and invest in properties faster.

I have a property I want to buy that that the owner is willing to carry back part of the purchase.