Really common sense must I specify not to drain it dry and run it empty.

A stand alone commercial umbrella/excess policy that goes over other insurance carriers will require your current policies to have $1,000,000liability  limit.   

Thanks for the kind words.Once you dig into the leases you might uncover more issues.Depending on age of the center find out if a dry cleaners ever existed on the site.

Our first lawyer had a bare-bones lease and seemed to question our desire to add a lot of details to it (not excessive but general coverage of rules and regulations that we've seen suggested on places like biggerpockets). 

Is the capital gain in excess of $500,000? 

Suggest you become an expert in this area.I have done many, many deals where I've made in excess of $100K profit from hard to find people.

The cost doesn't seem excessively high to me, but I would like to see what others from Houston have to say too...2.

We started drying out the area right away.  

You seem conflicted on how you are going to treat your tenants .On the one hand you want to be a nice guy and let them change terms of agreements on the other hand you want to take their security deposits I suggest you treat you rentals as a business cut and dry you can be fair and honest with people with out ripping them off or shortchanging yourself.READ over your leases and the state laws If your are honest and firm with your tenants you will sleep better at night. 

Having a DBA name would also allow me to distribute any excess leads to other agents within my network all while under my umbrella.