I have a separate interest bearing account for security deposits as required by my state laws.

Others are also struggling to secure a carrier or are being forced to pay exorbitant premiums just to have their applications reviewed.

@Ethan Slater here's some info we hope you find useful:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

For example: Flagstar has retail, wholesale and correspondent channels. 

The building next to yours looks much nicer and has THREE security vehicles parked in front.

This not only relates to tenant's likelihood to fall behind on rent, but it also corresponds to how well they will treat your property. 

House hacking is an excellent strategy, especially with the potential to use an FHA loan to secure a property with a low down payment. 

Could any of you guide me on what I should do initially to secure financing?

If I were in your and/or your mother-in-laws shoes, I would go to a local bank and use the free and clear house to secure a $150K+ line of credit. 

In addition to property sourcing, I require an agent who can negotiate effectively on my behalf, ensuring I secure the best possible deals.If you have experience in identifying distressed properties or working with real estate investors in Florida, I would love to connect.