The way I interpret the following policy clause is that so long as the property is defined as other than "VACANT" which is the case when the property is being "constructed, altered or repaired", the 30-day time period and vacant status does not apply in this instance: We do not insure any loss at your premises if your dwelling has been vacant for more than 30 consecutive days immediately before the loss and the declaration page indicates an occupancy other than “VACANT“.

So for the first property which will cost over $1 mil to construct, there will be stacked loans, essentially $280K will come from loan assistance program,( the name is not correct but the same idea).

You can also do value add STR & Multi-Family Rentals by starting with distressed properties and using a bridge loan to acquire them with a lower down payment compared to a DSCR loan.Networking – Connect with local investors, wholesalers, and realtors in your target markets.

With that they may be able to recoup from their renters insurance (hopefully you require this)  If locks are damaged and the unit isn't secure you would need to take care of that right away.

Conventional loan What was the outcome?

Raising money is all about marketing and sales (not real estate specific) so either hire marketing agency and read sales books, or hop on some LinkedIn courses on marketing and sales.Not sure the legal structure to use: talk to accountants and attorneys.Need deal flow: talk to brokers and go to a lot of networking events.Lending terms: start calling banks and loan brokers.From there, it is all risk mitigation. 

I knew the fire insurance would be CA Fair Plan.  

The cost associated with insurance for not having 20% is peanuts compared to what you potentially can do leveraging your down payment. 

Which was $42,399.08/$35,950/5×100 =  23.5He also stated the total loan was $60,000 and the payoff was $55,004.72 over 5 years....He has 1.1475/5 to get 22.9% ROI....WHAT IS 1.1475?!?!?!?!?!?

One downside of MF can be the age, and insurance can be a big issue.