Do you think your insurance policy will cover you on any liability when they find out you are not running a legal operation?

In that case, you'll strongly want to consider what putting personal-use property inside of an otherwise business-use LLC would do to the liability shield, as well as insurance and tax reporting.There are several considerations that can go into the analysis of whether you need an LLC or whether a large insurance policy will suffice.

If you’re scaling or exposed doing BRRR or flips you might get a cheap term life policy.  

Umbrella insurance policies can add an extra layer of protection across your portfolio.

Hi BiggerPockets Family,I am looking to insure a triplex that I own in Philadelphia which is under my LLC.  Does anyone have any recommendations?

An "owner's title policy" is purchased (typically) by the seller for benefit of the buyer. 

This is something you do on your own units policy.  

- Insurance policies (some may not cover rent by room)- Friction among tenants regarding common spaces

I was just surprised that when I asked to change the policy to rental, the first thing he asked was if there was a damage after the hurricane I think a few different things are in play here. 

They are strictly taxation.If you are setting up a trust, you should get a CPA.Find a bookkeeper for your daily driver, if you find one that focuses on real estate, then during year-end your CPA won't charge you an arm and a leg.