Trouble getting homeowners insurance

[Heidi-Marie Jones]

I am looking at a property that is 20 hours from me and is a very low cost to purchase. This low cost allows me to put a 5% down payment which is all I have saved so far, and I can carry the mortgage myself while I pay rent where I currently live. To get lending I need homeowners insurance but to get the homeowners insurance it first needs new wiring and a roof. I don't have the money to do this now and was told it might be something I can put in the condition of the sale for the current owners to do. It is an estate house being sold by family members. My intention with this property is to do basic renovations and cleanup over the next year resulting in a BRRR over a 2 year span. Are there any options I am unaware of that could help me make this deal go through? Or should I just leave this one alone? This would be my first property.