Just weigh your options with an experienced agent, and choose what's best for you.The only thing I might suggest before you pull the trigger on complete removal of windstorm coverage altogether, is to see if you can get quotes with 3% and 5% deductible options. 

By vetting all adult occupants, you can have a clearer picture of who is living in your property and establish a sense of responsibility.Compliance and Transparency: Having everyone fill out an application ensures compliance with housing regulations and avoids any legal gray areas.

If you underwrote the deal according to your methodology and it netted 5-10%, you'd pull the trigger if the level of risk you're taking to achieve that result is within what you're comfortable with.

Anyone else hear of passed legislation mandating the property managers in addition to property owners are now responsible financially for any repairs not done on properties, taxes not paid and rental certs not submitted/paid for, lead based paint fees/apps and required work, HVAC certs every year and proof utilities (water/sewer) as paid, and general compliance matters?   

So you would have to get a commercial loan if going straight to the LLC - which usually has worse terms (shorter rate lock period, shorter amortization schedule).USUALLY, you can borrow personally and then deed it to the LLC after the fact and as long as the LLC is owned by the borrower you won’t trigger a due on sales clause.  

-Is this in need of some kind of professional designation or compliance with some kind of law or regulation?

The owner has a mortgage on it that is not assumable.Is there a way to purchase the LLC that holds the building/mortgage or will that still trigger a due on sale clause?

The IRS requires that the entity that completed the 1031 exchange (in this case, the LLC) remains the owner to avoid triggering capital gains taxes.One approach might be to hold the property in the LLC for a period (generally recommended at least a year) to demonstrate intent to hold it as an investment.

Some states have restrictions on wholesaling, and you’ll want to ensure compliance.2.

Any other things I need to consider in this type of transaction tax-wise or compliance-wise?