I also consider the micro markets where these properties are located, and see if the overall favorable trends of the MSA are in play in those areas.I also want to like the cultural and outdoor opportunities in the city, as it is one I want to visit and I believe will draw people to want to live in the future.There's more, but that gives you a start.

Despite only working the residential side of things so far, I have been trying to educate myself on all matters commercial as well, and at least be familiar with terminology and the differences etc...So to my questions really, I recently met with a gentleman who I talked with (a commercial builder and investor) who said he has designed and built several mini storage facilities (primarily outdoor space).

I reckon that if you want to be a commercial player, you need to go outdoors, to meet and greet commercial people!

If it's not under the 203k umbrella, what are my options?

I would however have a decent umbrella insurance policy regardless if you have an LLC or not.Take care,Casey 

I was wondering, is real estate investing in itself ONE stream or is it an umbrella term for multiple streams?

Just make sure you have at least a million dollar liability umbrella policy that covers all your properties.

We did take out a $1 million umbrella policy for the property, as well as umbrella policies on our personal insurance as well, so we should be pretty well protected in the event of a lawsuit.  

I have a $2M umbrella policy - Third line of defense would be entities such as LLCs.  

If you have the proper insurance coverage on each property and an umbrella liability policy that reduces your risk.