Interest on a rental property is deductible as a business expense and it is reducing your tax liability. 

With that said, we were once renters with a Rottweiler (super friendly, no bite history) and the landlord allowed us to rent as long as we paid a nonrefundable fee and signed a liability waiver.   

Ultimately what the LLC will provide for you is liability protection.

That is also the correct way to do it if you want to preserve the liability protection of the LLC. 

I'd say no, some tenants won't want to pay that, and then you've got an unsellable, unrentable liability until you find a tenant who does.

If the landlord does not complete the repair or maintenance in the allotted time, the parties may extend the time by written agreement or the tenant may abandon the premises, retain the amounts of rent withheld, terminate the lease, and avoid any liability for future rent or charges under the lease.

They'll be able to take the property information and get policy quotes from a few different companies so you can compare what is included in the coverage, the liability coverage, deductible, and monthly premium. 

.#4) If you have already purchased the property - do #1) & #2) anyway, so you can now understand the liability/risk you currently have.

Presumably you put the property in an LLC for liability protection.

In Tennessee I have WC,liability, and a surety bond to maintain my license with the state.