You might even go so far as an officer of the LLC to “personally guarantee” the loan, which makes a difference if bankruptcy ever got triggered. 

GL for injuries?

I did not pull the trigger but I am wondering the threshold of coverage I should look for as this is my first venture.I appreciate your time and advice on this, as I'm a rookie starting my journeyThank you everyone that helps and any advice is appreciated!

With such things, they will usually offer you some time (we had a case once where it took us a while to find a new bank to refinance shortly after the financial crisis in 2008) before actually foreclosing, but they will eventually pull the trigger and begin foreclosure proceedings.

(Currently, Airbnb properties would be taxed at the commercial rate if their short-term rental bookings amounted to 90 days or more in a year.)If the bill passed with a 200-day trigger, you could have a 54% occupancy rate for the year and fall under that threshold.

We took about a year or so to finally find a deal and pull the trigger.

There’s also a greater risk with seconds - especially with a 1st mortgage that isn’t in the new owners name - that could be asking for an escalation clause to be triggered any day.

GL for injuries?

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

Lawsuit from tenants for personal injury!