Moreover, with this in mind, don't expect significant cash flow (if any at all) depending on your investment strategy.

well 70% of 455ks isnt much more than you currently owe at 283k the 70% of 455k is 318.5k and after closing items you might only net 20-30k tops (new loan minus current 283k - closing items = net proceeds in "hand.").So The question you should be thinking about is what are my closing items and is this enough cash to accomplish my mission/goal?

I am a busy W-2 professional with a paid off house so I'm not worried about where I'm going to live. 

Excited to see where this journey takes you!

Cap Rates in the area.

I've reached out to my local group for recommendations on where to go from here.

Quote from @Renee Ward: In a quote for an umbrella policy, when I see it in writing it is labeled a personal umbrella policy with our primary home cars etc. 

We will see what the overall return looks like in 9 months when they have had a full year to go through a full evaluation of their assets valuation at least once. 

@Joe Mills I just had this issue with some prospective tenants.

What made you interested in investing in this type of deal?