"Just a little damage" Walks flat, needs roof and cosmetics. 

Using your example:ARV = $250K75% of ARV = $187.5KSo, theoretically, you could refinance up to $187.5K, which would cover your $150K (purchase + reno costs) and leave $37.5K in equity.

One that I don't think has really been covered is that most people are going to buy and/or sell a house, at most, perhaps 3 or 4 times in their lives.

My wife and I would remain renting in our current apartment and we could easily afford to cover the mortgage indefinitely if/when it would be vacant. 

@Sebastian BennettSpecial Method Training Programs focus on a specific strategy, providing structure but not covering all questions or decisions as you grow your investments.

Brick v.s siding and covered v.s no converted parking also make a large difference and are items that have to be adjusted for. 

Not sure if that will be helpful.You could also work with your agent about a big umbrella policy to cover the uninsured parts.

Comprehensive CoverageBasic Coverage: Covers specific risks like fire, theft, and certain weather damage.

It is always better to start with a multi-unit 2+ so that if something goes wrong, you still have one tenant to cover necessary expenses (mort, taxes, insur, etc).Also, major renovations are not a great idea for starting out as others said, especially out of state.

Rail roads he has got that covered.