Fire/hazard insurance policy must be an owner occupied policy which won't cover you for STR as there is more risks, so that's a problem.If you buy as investment the long term rental income can be used to offset that payment thus is easier to qualify for but rates are higher, down payment needed might be more to make the property cash flow.

It's also incredibly poor form to have no mention of that policy until all the documents were signed and sent off.

@Zack WilliamsThere are several considerations that can go into the analysis of whether you need an LLC or whether a large insurance policy will suffice.

@Riley Jordan make sure you are named on the policy as an additional interest such that if the policy is cancelled or not renewed the insurer sends you a notice.

You may want to consider buy-sell agreement with life insurance basically the individual co-owners buy life insurance policies on the lives of each co-owner.

Makes me feel better about my insurance policies with loss of income coverage (looks like it may cover epidemic by the way) and an extended replacement cost option.

If you start to give breaks, you end up with policies that are all over the place and a tracking nightmare.  

I’m sure banks will continue to change policies as the Covid situation changes.

LLC’s are not eligible for residential loans and have to get commercial loan product.There are plenty of discussion threads on bp about pros and cons of a LLC, and how to try to do a hybrid (which I’m not for).For asset protection, just keep your property in good condition and get insurance including umbrella liability policy

But they did tell me that transferring title is not allowed by the rules, so do not want to break that policy, unless I can show them why they are not translating the rules correctly.