If you have a real estate agency then you need to determine if the umbrella will cover over the Professional Liability (E&O policy).There are companies that write Umbrella policies on a stand alone basis. 

This is useful for the purposes of determining loan value by the lender but adds no value to you as there is often no correlation between build cost and sales price.

I think your next step will be mostly determined by your end goal! 

We don't yet know how much will pay our insurance and afraid to get from them less then we need, and we determined that what we need is close to $50k.

I'm interested and determined to make Real Estate my living, I wanted to know what lingo do I need to learn, phrase, terms and ideas that would be useful for a starter? 

You must determine what the property is legally and that will determine your loan options, in other words, you can't call a condo that you purchase four units of a fourplex just because you want it to be a fourplex. 

Step 1 is to determine your long term "why" for yourself and your family.

Then, after fixing it up you get an appraiser out there to determine the properties new worth.

Once you determine that you can start thinking about what house fits your crietra. 

I feel the answer to this question is determined by how long you anticipate owning this property.