However, insurance is limited because it only protects you from one type of liability: accidents/negligence.

But I started the DSCR brokering stuff by accident, truthfully.

It's a non-warrantable condo, so I just accepted my horrific rate and I'm hanging on until I can hopefully refinance and see some real cash flow. 

However, it does not provide the same coverage as homeowners insurance, which provides financial protection in case of damage to personal property, disaster or accident such as fire damage or theft.  

For me I give them 30 days rent free after the accident (not fire).

As well as having insurance in case something bad accidently happens to the Property.

I understand I dont necceasily need a LLC to get a rental property however since I am a business owner I know there are some benifits like not having it under my personal name and protecting myslef in case of an accident in the rental property, however im not sure if this whole rental idea should be on a whole new LLC as well and not on my small business LLC.

This policy should outline your criteria for tenant screening, including credit checks, rental history, employment verification, and background checks.Renters Insurance: Renters insurance provides financial protection for tenants' personal belongings and liability coverage in the event of accidents or damage within the rental unit.

Because, while it's possible for an accident to happen once in a while, it starts to look a little less accidental when it happens several times a year.

Some of the things that have happened during the last 7 years of running STRS, loose deck boards, rotten outdoor steps, broken interior hand rail mounts, loose electrical outlet...Any of those could cause a major accident so they were repaired asap.