I immediately did what I had done with other rentals insure the property.

Some things to be aware of are fire insurance and how it affects your buying pool.

If you buy a property for $80K - you will need to put atleast 10% down towards the purchase price ($8K) PLUS closing costs such as lenders fees, title fees, and insurance and tax costs.

What is a storm rips through and trashes the roof, BUT the condo project does not have enough insurance coverage to fix it, the value of the all the units in the project just went down. or, even if they are able to fix it but  the coverage premium doubles so the HOA has to double the monthly HOA dues but half the complex can not afford it? 

Also how about your STR guest policies?

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

I've been burned by this once before, but it's just less stress on me with this informal policy.

You would have to check with your policy/lender for more details. 

When you are just starting out, all you need is good insurance and stable and steady enough income to not worry about defaulting.

Most of the time, you're not doing anyone any favors by keeping rents too low - you're running a business and taxes / insurance / HOA / Maintenance are likely to continue to increase.