IF that is the case full stop - yes you are paying for something called insurance but if you have a claim the company has the right to pretty much deny coverage for having the wrong type of policy.Landlord policies are higher cost but for a reason - there is a different and increased level of risk when the house is not owner occupied.Talk with your agent and get all the details sorted out. 

May I send you over the property details for your purview

The LLC would own the property, and your 50/50 split can be outlined in a detailed operating agreement covering roles, responsibilities, and profit-sharing.Since lenders often require personal guarantees for LLC loans, clarify that your partner will be the sole guarantor.

Would need more details on the deal, but this is something people could help out on.

 @Raif Jochim without knowing details of each loan, I would almost always choose the primary home.

When vetting contractors, check if they’re licensed and insured, ask for at least 3 references and call them, and get detailed written estimates and timelines.

Very important detail. 

I could go on and on, but suffice to say the devil is in the detail, not in the high level split.

Our fees are always disclosed upfront and provided in detail to the borrower such that they can project their ROI on properties.

Occasionally I catch some cleanliness issued that I am not satisfied with which I believe is due to variability in attention to detail between people on their crew, or lack of training and familiarity with my property.I've seen mentions of the value of post cleaning pictures from hosts on other forums.