I am brand new at this, but find that we have equity in our rental in excess of $150K due to crazy California markets (Lease is up in January 2022, year ONE of our property being rented out). 

@Brian Eastman - great point - thank you for clarifying...I work with investors that utilize self-directed ira investing for occasional flips, but their volume is not excessive.

All of these properties are owned free and clear and the overall value is in excess of 7 figures - how big of an umbrella policy is wise with this sort of scenario?  

HVAC is 7 years old.Main takeaways are:- Moisture and mold in the crawl space.

You could also have water sensors, either to detect excessive water usage (such as leaking supply line), or water on the floor (next to a water heater, or on a lower level, etc.).

I get the feeling that to get yields in excess of 10%, you have to (a) purchase cheaper more rundown SFHs or condos in lower income neighborhoods (b) have your properties spread out across large areas that are more difficult to manage - my properties are all within a 20 min. drive of my home and in most cases I have multiple condos in the same complex or (c) purchase properties that have a theoretical high-yield, but actually keeping them full year-round isn't very easy.Very interested in other people's thoughts….Are my impressions completely off-base?

You have to goto the owner of each neighboring house and at least 55% of them have to I guess give you permission to run your STR (I think this is a bit excessive).

I have dogs, moisture issues, and nieces who stay over frequently and spill/drop things like it's no one's business.

Hoping for 5-10K over your contract price so you can use the excess as credit towards closing costs?

Since the house was built in 1885 it has a stone foundation which are meant to have moisture from time to time to "breathe".