How do you pay for the tax and insurance?

Consider whether an LLC is right for you—it can provide liability protection but isn’t essential for a single property, as personal liability insurance and an umbrella policy may suffice.

You'd also need to establish a budget, and secure a master insurance policy. i THINK you need to do these things before reaching out to your municipality to have it converted officially with the county or city but they would be the first ask for steps in order.i will add, this would make financing on these units a bit challenging, as in the mortgage world, at least initially, they would be considered "non-warrantable" condos.

When you posted your review, we assessed the unit to see if there was evidence of mold, urine or any other health hazard.

It is our hope no one in Blue Metrix is a victim of such an aggressive business tactic while part of their management team faces such a difficult health challenge.

Regarding insurance adding additional umbrella insurance is great idea. 

I feel like these are my only options:- House Hack: Would I still need to pay the 6% tax rate if I'm getting rental property insurance?

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provide support for the property tax appeals process.

Insurance right now is wild, so I'd get a solid broker on your team - I'd be happy to share my contact if that would help.Also, aren't most of the existing insurances shared on the OMs for the properties? 

We have had a pipe burst during the cold winter months, the roof needed to be replaced (thankfully covered by our insurance), and some issues with electrical, which hasn't been majorly updated since it was built in 1973.