@Russell CazeaultIf you are seeking legal protection, I assume specifically against being sued, have you considered purchasing an insurance policy for it?

I converted my property from a three-family to a four and am now having to get a commercial insurance policy instead of regular homeowners -- it's not a big deal, but it is annoying.

Not everyone offers it but if it is in the policy, it shouldn't be a problem to claim it.

The activities of wife with respect to the rental properties included, among other things, cleaning common areas, collecting coins from washing machines, performing repairs at the properties, communicating with tenants, collecting and depositing rent, maintaining insurance policies, purchasing materials for the properties, as needed, paying bills and keeping books and records for tax accounting purposes.

If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.

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.

Just like Joe said there is no point in doing this and you need to aim for a longer term (standard term is 15 - 30 years). 

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.