@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.

If #1 on your list is safety I would also recommend looking north a bit, somewhere like Worthington. 

So, you purchase price and your costs are low and, on top of that, expressed in a depreciated currency while your revenus are high and, on top of that, expressed in an appreciating currency.If you look at the risks, what I just mentioned gives you a huge margin of safety.

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.

Just like after the 9/11 event and the 2008-09 financial crisis, people are going to have immediate negative economic impacts and safety concerns. 

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