Make sure you update your insurance policy.

That’s what I do for my leases.I echo the comment on getting really good insurance with an umbrella policy as well. 

I like how I can dig into the competition and see their nightly rate, pet policy, etc.   

This outlines things like guest/ overnight guest policy, cleanliness standards, roomie/tenant vs roomie/ landlord responsibilities...

@Juan Carlos Gastelum As the world's greatest investors have taught us, making long-term investment decisions only based on tax policies isn't a good idea but it sounds like that's not you're only reason for investing in the US. 

Also, if you're working with a local bank, theyre likely choosing not to originate  Conventional loans for investment properties and to only offer commercial loans that they hold on their balance sheet, which are subject to their own internal credit policies.

You have a mortgage on it so no one's going to go after you; you'll just need good rental insurance and (recommend) an umbrella policy. $200-300 per month isn't great, so make sure it really makes sense to keep it as a rental.

Probably go with just an umbrella insurance policy.

Does my homeowner's policy need to be updated to name the LLC as the insured? 

A bit about me: I’m a payroll manager for a restaurant group, where I handle everything from creating policies and SOPs to processing payroll and ensuring compliance with state and federal laws.