Regardless of which state you choose, be sure to maximize your liability on your renters policy and get an umbrella - this will protect you more than any LLC will. 

I always tell clients it costs me zero $$ to send an offer and worst case they decline.

And get listed as NAMED INSURED on both the GL insurance Policy as well as Workers Comp.

But if you are doing AirBNB just make sure its in a seasoned market that wont have some random policy change that makes it to where you can not use the unit as a short term rental anymore.

- Pet Policies and Agreements: What are the best practices for creating pet policies and agreements to protect my property?

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5The best protection for you and your investments?

I will not use the equity from my personal residence to invest in real estate, sure it can make more money but its just my level of risk tolerance.  

The property is in a B-class neighborhood, and while I’m comfortable managing coliving setups, I’m curious about any potential nuances around refinancing and insurance for this type of property.Are there specific loan types or lending policies I should know when refinancing a rent-by-the-room property?

@Hsin-I Hsu  It depends on your long term goals, risk tolerance and earning potential.A couple of bay area sayings:   Any time you can afford to buy real estate you should.  

You can point them towards resources, but I recommend you stick to your policies (if you have any) regarding late fees and eviction.