If you stay put for a long time, buying makes far more sense because you are eroding the purchase price with inflation, while rent will (theoretically) keep up with inflation.

Given my current situation, what are some important factors I should keep in mind?

Yes, in Florida, I would get one, it's worth it to keep you safe.

I would like to keep my current house as a rental property, but don't have the funds to pay off this one and buy a new one.

Refrain from making hasty decisions without fully appreciating the dangers and rewards involved.Disregarding Market Trends: Keep yourself updated on regional market trends, financial data, and legislative modifications that might affect Houston area real estate prices and rental demand.

Good luck and keep that optimism!

They'd simply keep sending me invoices for every visit instead of admitting their fault for not being able to fix something on the first visit.4.

Today We’re Talkin:- The Weekly 3 - News and Data to Keep you Informed- Is Scary Stagflation Really Here?

In this case since your family is the seller and knows there are no title issues, it's a pretty safe bet you wouldn't need that policy.In regards to lein position, you should have a promissory note secured by a deed of trust that gets recorded ahead of any other encumbrances and that's what keeps you in 1st position. 

They don't trust and therefore expect the worst.Now when people are afraid it is the time to buy if they begin to fire sale (seeing this starting to trickling in) BUT make sure you keep your cash reserves to keep you buckled to your seat as we might experience more turbulence on this STR ride.