Taxes insurance P&I cost about $950/mo.

Home insurance: Realtor.com does provide this information, but I do not really understand the rationale behind the estimate.

If it's an older building, with aging systems, like @Owen Dashner pointed out, you'll have even more expenses maintaining everythingInsurance Estimate at $720/year: if you really can insure an 8-plex for $720/year, please PM me because I'd really want to know the carrier.

You have a good case as you are not the cause of the flooding or resultant mold.I don't know if you have or is required to carry renter's insurance.

Sure, you could argue that you'd be collecting rent from your tenants, but good luck finding a multi that has enough positive cash flow to cover the entire mortgage, taxes, insurance, vacancy, maintenance, capex and your living expenses, food, gas, utilities, etc.

Insurance is about 800 a year and taxes roughly 900-1000.

Have you gotten an insurance quote for $300 per year?

@Mohammed Ahmed - here is a great link to Zillows break down of FHA loans, it won't tell you interest rates, but has a ton of info on requirements, down payments, and insurance. 

My question is regarding the insurance on the property.

Other than it being a additional cost to do business and financing being more difficult under a LLC as long as you have adequate insurance coverage there is little other difference.