Makes complete sense to purchase a property that breaks even or loses money.

If a policy excludes wind coverage (more common in places like Florida where insurance is severely strained by weather and other market conditions) then all wind related events are excluded.In those cases, it's sometimes possible to purchase a wind policy (usually covers wind & hail) which would provide tornado protection.

Seems like too much work for too little return UNLESS you own the property, or perhaps have an option to purchase the property allowing you to capture any increase in value.   

Quote from @Bri Hall: I purchased a residential lot that after being surveyed can have two homes placed on it.

Let them know that you could purchase at XXXk, you would need a low interest rate for year 1 and 2, interest only.

Meet with a local banker & schedule a time to talk with a mortgage broker, they'll give you at least a baseline of what kind of down payment options and rates are out there.After that, if you're still wanting to research more creative options, do some looking into seller financing (a very hot topic with good, and bad, advice out there), look into private lenders, and commercial financing options.If you're wanting to live in 1/4 of your quadplex, then conventional residential loans may in fact be your best option as you can purchase that with a fannie/freddy loan with very low down, and use up to 75% of the income from the property toward your own income. 

The larger the purchase price the greater the spread you need between purchase price plus holding costs plus rehab cost and ARV.  40k projected profit on a 600k project is too skinny for me. 

The house was a 3 bed one bath.

Purchase price: $320,000 Cash invested: $425,000 Sale price: $445,000 Just missed the market by 2 months on this one.

:) Would love to make some connections/friends here!