Did your contractor offer their own to insure work was completed?)

If your insurance coverage isn't enough, they could seize the LLC assets, but not your personal assets.Additional thoughts:1.

Also, there is IRS publication 527 (p527) Residential Rental Property.Otherwise in short, your rent less your expenses (generally mortgage interest, insurance, taxes, repairs) and less depreciation is your profit/loss for federal purposes. 

First $1,600 for origination fees, then $3,200 for MIP (Mortgage Insurance Premium), then $1,600 for mortgage security instrument, then he sent me an approved wire transfer from some fake Chase bank with the loan amount to be wire  transferred to my account.

If they refuse to give you a credit, it's up to you to decide if it's still worth it to proceed or walk away.

For context, I am a doctor with a stable income and was able to put 20% down comfortably to avoid insurance.

- or should I have the owner of the unit below me file a claim with their insurance?

As acquisitions have slowed, there is much more focus on the day-to-day, including a lot of chatter about OpEx and the biggest issue for most fans of the Southeast: insurance.

They are typically chasing the insurance carrier as that’s often the easiest source of payment available. 

I just listened to yet another mastermind class in sure you've heard of it,  WREIN, and as much as if love to join that I'm already in one... but knowing if this is a great option.