Freddie allows for 12 months payments, Executed HUD, Wrap documents (note and dot), Executed Warranty Deed to offset the mortgage.

The insurance payout also impacts your taxable gain.

In order to do this you need to have deal flow and you need to know 1) How to recognize a good, profitable deal, 2) How to put together funds quickly to buy the deal before someone else does and in such a way where you are protected and the deal is protected, 3) How to run the project so that you follow the budget and don't overspend or overbuild, 4) How to attract an end buyer or a renter and which documents to use to protect yourself and the buyer, 5) If you are going to keep the property then you need to know how to set up the property from the start to best help you in the refinance later, and 6) You need to know how you are planning on managing the property from the beginning in order to make sure it will be profitable at the end.

Document and keep pictures.

Quote from @Carl Rowles: When you insure a SFH rental property, do you try to adjust and of the coverage amounts?

I know it's a long shot, but I'm currently having lawyers review the signed subscription documents to see if there's any way to minimize the losses here. 

Then there’s fraud or misrepresentation, where borrowers inflate project values or provide false documentation.

Make sure pool is listed on your insurance policy.

Wind is one of the subtle items that Insurance companies are starting to exclude. 

Insurance and LiabilityWhat type of insurance is required for a renovation project in Chicago?