@Zain Momin - Thank you for the very comprehensive and prompt response.

That would certainly get you the best rate, but income verification via bank statement or a Debt Service Coverage based loan are still options.   

@John Kingry Your title company doesn't know what they are doing, or they are trying to gouge you for 2 policies.If they won't issue the 15.1, decline owners coverage at acquisition and then buy a new owners policy at the original purchase price when you transfer to the LLC.

No DTI issues with commercial but will need a minimum 1.25 Debt Service Coverage Ratio.  

I would suspect the rent would more than coverage the mortgage (full PITI) but I would not refer to it as living rent free. 

I look at price and the coverage I get for that, I want all the quotes I get to have about the same coverage for dwelling, same coverage for liability, and have the same deductible, also having the same amount for lost rent is important.

What all are the different policies I should take for the llc and myself for property/liability coverage?

You have a high level of reading comprehension on this.

Most important in my opinion is the amount of coverage you get for dwelling, liability, and lost rent, as well as what your deductible is.

Most will not write the coverage for student rental.