As Jason mentioned, you should max out the Liability on the underlying policy (dwelling/Fire form in Personal Insurance or General Liability form in Commercial) and then add umbrella coverage above it.When you insure the unit, you need to know what parts of the building your unit owns and what are owned by the association (common elements). 

✓Second Home Requirements must be occupied by the borrower for some portion of the year is restricted to one-unit dwellings must be suitable for year-round occupancy the borrower must have exclusive control over the property must not be rental property or a timeshare arrangement1 cannot be subject to any agreements that give a management firm control over the occupancy of the property must be underwritten in DU and receive an Approve/Eligible recommendation, with the exception of high LTV refinance loans required to be underwritten in accordance with the Alternative Qualification Path (see B5-7-03, High LTV Refinance Alternative Qualification Path).

However there are 70 individual owners of the dwellings at that address. 

Maybe in 5-10 years they will appreciate and cashflow but it is not my cup of tea for instant returns. 

It is effective on March 4, 2021, and will replace the Homestay regulations. ...General InformationShort Term Rental regulations apply to dwelling units that are used for overnight lodging accommodations that are provided to renters for no longer than 30 days for compensation.

I can't say I've always followed that principle, because an instant payday is undoubtedly nice.

No matter where you focus, you'll have company.I buy single family homes in one target zip code, drilling down into a select few neighborhoods by a development I believe is going to create extreme appreciation and elevate the type of tenant looking to occupy the walkable dwellings.

Even with the "instant equity" from appraisal, you still only have 11% equity.

Best is to find that slight fixer with some value added. ie: CA zoning laws are allowing ADU's [accessory dwelling units] and even more aggressive laws are coming out next yearI take it even one step further and rent furnished rentals to nurses and other professionals.

try Dwell Home Market in Tampa.