I hate to call people out but the gentleman above refused to provide adequate insurance coverage and insisted on pounding on my processor until she broke down and cried one late afternoon. 

Basically, new rules were put in place to make sure condos are safe and sound and are holding adequate reserves.

Associations must now conduct a Structural Integrity Reserve Study (SIRS) to ensure they have adequate funds for necessary repairs and maintenance.

I want to make sure that I am adequately protected against potential liabilities and unforeseen events, so any guidance from experienced landlords would be greatly appreciated.

The first property that I bought was 2 legal units and a non legal conforming basement unit with adequate ceiling height and 2 forms of egress.  

@Anna DoumkinaIt’s going to be very challenging getting a lender to do one property with that low of a down payment - so start with 1 before trying to buy 5-10Section 8 properties also have a lot more maintenance so you will want to make sure to have adequate reserves as well

Evaluate Realtor Performance: Reflect on your realtor's performance and consider providing feedback or seeking a different realtor for future transactions if you feel your current realtor did not adequately represent your interests.In summary, your realtor should have proactively checked the status of the POS report and communicated any issues to you well before the closing date.

If the tenant causes damage to the property, does builders risk provide adequate coverage?

That being said, I don't think the bank is going to be sending folks to peep through your window to confirm you live there... but you obviously still shouldn't do anything misleading, hypothetical or not :) If you have utilities or some bills in your name headed to that address, that would adequately show a proof of residence to some capacity. 

Having a minimum 10' bay door and adequate power throughout is helpful as well.