I found a 4 BR home next to local hospital. I immediately began running numbers for a rent-by-the-room scenario for travel nurses. I found some articles and old forum posts on BP last night that discussed problems with financing and insurance for this arrangement. I called my local insurance company, as well as two major companies and was told "good luck." The last one told me I'd likely pay a small fortune for this policy. For any of you who use this strategy, can you tell me who your insurer is, and cost of premium?
Apologies to Gaby and Mohit. I did not come back to revisit this post from so long ago.
I did not buy this property. It needed a rehab, and I just couldn't afford it. I ended up buying a different property two blocks away. I am about to settle on an established rent-by-the-room that is within the same few blocks.
I am learning a hard lesson, though. I'm struggling with lending. It's a different animal than regular residential.