You didn't mention having other money available.

It likely means you have that amount of coverage when caused by another peril and as mentioned it's typically a significantly lower limit than other coverage amounts.If a pipe bursts, it will likely be covered. 

The GRID meetup in Edwardsville (also mentioned above by Rich Groves) is new but I understand it's drawing lots of folks. 

Purchasing a STR in a somewhat sketch area is a terrible idea and as others have mentioned, is going to open you up to potential issues. 

@Samuel Kim: As I mentioned in my first post, speak with a qualified professional.

When you mentioned you did your homework on the turnkey property, if that were the case you would have had a really good idea what the property was worth before you offered on it (of course sparing the occasional rogue appraiser, which may be what happened to you... idk) and certainly before the appraisal.

You are very detailed about your complaints, but never mention basic important details such as what kind of rental agreement was given to these tenants?

I would start (as mentioned above) by confirming with the city. 

Quote from @Josh Duncan: @Travis Biziorek Interested in the resources for out of state investors that you mentioned! 

A good friend of mine recently managed to pick up a modest duplex outside Phoenix that looked risky at first glance.. low rents, older neighborhood.. but with a few smart upgrades, it became a steady earner in under a year.You mentioned your worries about remote investing and the challenges of managing properties from afar.