Unless you are negligent your chances of being sued are very slim, but I don't care I carry the insurance anyway and it is a low business expense. 

The prices have jumped quite a bit in the last year to 18 mos. 3bd/2ba properties we were getting for $250k-$300k are now $425-$450k and the inventory is slim.

The odds of collecting from the tenant are slim.

You probably have slim odds of getting that contractor back to your job to finish work you might want to consider cutting ties and getting a new contractor in there to keep your job moving. 

I like the idea and we are doing this for Corporate Furnished Housing, but the margins are slim and it seems many are getting out of AirBNBN in my area because of the hassles, management etc and mostly because its being banned.

Do not do the deal for a such a slim margin on a 40 year note.

If your strategy is turnkey properties to buy rent out then it nay be slim pickings in nicer areas.

However the taxes could be too high to justify the effort or the tenant-base might be slim or non-existent since they could just go get themselves a house for the price of a soda. 

If you are doing all of the work yourself and a home requires a very minimal rehab, you can still profit with slim margins.

So if you have other investment properties under a "landlord" policy there is a slim chance you're OK.I don't think you'll have any trouble from the insurance broker about it having been uninsured for a couple of days.