@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.

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

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

Insurance placement guests tend to be very last minute, often will want to sign an initial 30-day contract and then the amount of time they will extend is very unpredictable but can sometimes be upwards of 9 months.

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

Check into insurance and tax rates in the areas, along with estimated mortgage costs. 

. ✨ looking for ideas on to  how to acquire an owner-occupied property  with 5% down by using a mortgage loan product to purchase , improve and  avoid mortgage insurance based on projected value?

In particular:(1) Should I hire a law firm or collection agency to facilitate the transaction?

These items can make it expensive or difficult to get insurance for as well. 

Are they a nationwide firm?