@Aaron Washington wind insurance is a must unless you have master insurance in place that covers your building.

Bonus Tip: If this quadruplex is out of state, I’d highly recommend building a reliable local team (cleaners, handymen, etc.) and maybe consider hiring a co-host or VA to help with day-to-day tasks, especially if you scale up. 

What is status of capex on the building?

The liability coverage is way better, the building coverage is often better, and commercial policies typically cover loss of business income as well, which a homeowners policy isn't going to help you with.California + wildfire area + STR is super tough. 

Hello Ivan,I do not work for BP, but my suggestion is that you follow the Build Your Investing Team link at the top of this page if you have not and follow each step including speaking with the prospective members of the team you want to build and with that I believe you will obtain the answers you need.

The FEMA 50% rule does come into play, but we do a lot of ground-up construction, so some investors that do have some new build/heavy rehab experience are tearing down and building back to current codes.

I recently closed on a commercial condo unit (for retail), which is one unit in a building that also has 7 apartments. 

In addition to STR'ing the main house, he is building 2 more units (ADUs) on the back side of the property.

My realtor recommended SDIRA Wealth, a company known for its high-volume new builds every year.

Wishing you the best in continuing to build out your portfolio.