@Ronald Rohde I do agree with you that an independent assessment is absolutely critical, not that I don't trust agents as I'm an agent as well along with being a programmer (my day job)  and an investor, but yes an agent won't be as unbiased. 

You need to report it, file it and treat it as investment property in order to demonstrate your intent to hold for investment purposes should be you be audited. 

I would do some shopping with independent agents who write for Multiple companies. 

For example, where a worker acts independently, maybe owns their own company, does work on an as-needed basis, they may be a contractor.

One, contact an Independent agent(s). 

My wife and I are trying to figure out the best first steps to building our investment inventory to become independent of “careers”.  

The situation is completely independent of the properties fundamentals.

@Charyl J. finding a good independent insurance agent in the Kalamazoo area will be your first step.

I still live in half a duplex today because it's really the ticket to financial independence imo.

To me, this means during an audit, lawsuit, or whatever, your personal books get dragged in.The single LLC coming together for a multi-member llc basically provides flexibility and branding/marketing opportunities.