However, if some carrier is providing this type of coverage, then they better have very strict limitations on the coverage so claims don't get out of hand, or they probably won't be in business very long.

There are several deals floating around but the one I can give rough details as an example is a commercial builidng where 20% is being put down on a 2.5 million dollar asset between 3 TIC equity/capital investors that are each providing roughly a third of the equity.

Is your main goal with this property cash flow while providing a home for your mother?

Additionally, I'm not afraid of starting the business and building from the ground up. 

In addition, active residential RE is not passive even if using a PM.  

However its often easier to entrust those who do this as a business to buy the assets and provide you with a solid return. 

The umbrella provides coverage over the primary policies (provided you have the required Liability limits on those policies) for those vehicles as well. 

Addition by subtraction:)

And you have provide the money to purchase the new property. 

. - not a lawyer but I know someone in a similar position who acted as a private money lender (silent partner) on a rehab to generate passive income.You could also look into the many turnkey providers to sites like Realtyshares, Honemestors, etc who will provide you with a K1 for passive income.