Generally speaking you would add a liability policy to your landlord insurance.Umbrella is "extra" liability. 

Compare an extra hundred bucks a month to having to do a $10-15k renovation now, between tenants, and in a year after the new tenant leaves. 

I am closing on a property today that I purchased in 2010 and then sold on a land contract in 2015, I took it back in 2020 and resold it on another land contract and made and extra 30k while charging 10% interest on the remaining balance. 

Make sure you set aside extra money in future years for taxes.

With the extra cash I was able to buy above what I could qualify for with another VA (or I think I used FHA actually). 

Say I get an extra 10k for that.

Why spend extra money on a townhouse if you don't intend on selling. 

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

I'll definitely make sure to be extra conservative, because I won't have a lot of room for error, given my current financial situation (not a lot of money to spend on contractors if needed).

Quickly turned the extra living room into a fourth bedroom.