I have had a lot worse and never been forced to replace it to get insurance.  

STR, MTR, it doesn't matter, you can't house people there and would be in a severe insurance liability if something were to happen in an unpermitted addition or renovation.If it was permitted, you would use Furnished Finder for MTR.

Quote from @Beau Guidry: I agree with all of the above and will add the exorbitant insurance costs are squeezing rental profits at the moment. 

Hi BiggerPockets Family,I am looking to insure a triplex that I own in Philadelphia which is under my LLC. 

@DeAnna McKillop-LopezKeep it simple to start, unless you have more than $10M there is no need to do anything but by the property in your name and get insurance if the property is a single family rental.You can do all these other methods but they just cost you money every step along the way.

@Nakul PatelBest asset protection is an insurance policy, you open a LLC then you are gonna have to pay like $850 a year for it if you are in California even if it’s a LLC in another state plus other fees and costs.

Zero tax state, no insurance or property tax issues like FL and TX. 

What about legality and insurance. if using a single family home wont the town shut you down (especially if neighbors complain) also will i need a commercial insurance policy?

While it uses partner banks to provide banking services, your FDIC-insurance protection may be limited.

Quote from @Richard Schubert: Interest rates, insurance rates, property taxes.