They provide different returns and stability in contrast to loan product.I use to only believe in 15 yr PITI. then I evolved into 30 yr PITI.

What is the advantage of an Umbrella policy over a regular landlord policy?

That, and the fact that generally lenders have policies against Subject-To transfers, make this a less than desirable opportunity.

Return on equity is: ANNUAL CASH FLOW / EQUITYI would have done the math for you but don't know your PITI payment.

If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.

Every state is different but I'm guessing this is just your PM policy, not anything to do with state law. 

Are there other alternatives that may be better to consider like umbrella policy insurance? 

I have been doing some extensive research around 2 bed, 2 bath condos in those neighborhoods and looking into the building's rental policies in case I ever would like to move back to the northeast.

If you have a vacancy, it affects only a percentage of your PITI payment, not the entire amount.

My AllState landlords policy has an STR rider.