So as an alternative, I'm considering pivoting to a short-term rental, but I'm also realistic that I don't have the time to manage an STR, nor do I know enough to determine if net of management fees and other fees and utilities, whether it's actually a viable strategy, even if I wanted to hire it out. 

It willapply to the other 4 coverages.

Looking to invest in great falls MT short term rental market. does anyone know the market for this and is it worth investing 

Your rental dwelling policy will cover if you have water damage coverage.

This setup can still offer several advantages without violating your loan terms.How It Works:The LLC manages the short-term rental activity—booking guests, collecting rent, and paying expenses—while you retain personal ownership of the home.The LLC doesn't change who owns the property but creates a clear separation of business and personal activities, which helps for liability and taxes.Tax Implications:Income still flows through to your personal tax return, but now you can deduct all ordinary and necessary business expenses (cleaning, maintenance, software fees, insurance, etc.) more clearly.If you materially participate (e.g., meet the 100-hour rule and no one else spends more time than you), you may qualify for the STR loophole, which means:Losses from the property, including depreciation, can offset your W-2 or active income, not just passive.You may be eligible to accelerate depreciation with a cost segregation study and take bonus depreciation—which is a major tax shield in the year the property is placed in service.Additional Tips:Use a separate business bank account under the LLC.Track all property-related expenses carefully—these can include mortgage interest, utilities, supplies, property taxes, and repairs.Make sure to classify the STR activity correctly on your tax return (typically on Schedule C if you're materially participating).Consider filing an election to be treated as an S-Corp for your LLC if your Airbnb becomes highly profitable—it could reduce self-employment taxes on your earnings.This post does not create a CPA-Client relationship.

I'm looking to purchase a long-term rental in NW Indiana. 

@Gabriel Williams, I also invest in Racine, we buy and hold primarily multi-family long term rentals. 

We’re working with private owners, commercial lots, and realtors to unlock passive income while adding a new tool to your investment strategy.Our platform includes host security tools to protect property owners and make hosting safe and seamless with host coverage, verified renters and guaranteed payment.I’m here to connect, collaborate, and share how Hookhub can support your land deals, clients, and communities — and always happy to offer help from the tech side too!

It’s essentially leveraging your current equity repeatedly to grow your portfolio.If you prefer a simpler, more conservative approach or want to focus on the multifamily deal without managing multiple transactions, cash-out refi might be better.Whichever you choose, make sure you understand your local refinance terms, closing costs, and how these decisions impact your cash flow and risk.

If not listed, or listed but not exempted from coverage, my opinion is they are liable.