Can I qualify as a First Time Home Buyer and utilize FHA or similar programs?

It is digital gold for those who got in early like yourself.

I was told by my insurance agent that a % of loss of revenue can only be covered by insurance until the property damage is fixed, which could pre-date the return of essential utilities.

I have been utilizing Facebook MTR groups in my market as well and have come up flat.Like I originally stated in my post I am currently breaking even simply with my in season short term rentals, which has been covering my annual expenses.

Taxes, insurance, pest control, utilities, software, etc comes out to around $13k per year each for my 2 bedroom cabins.Also unplanned capital expenses will add up.  

My average turnover vacancy is less than 15 days, so I lose half a month of rent and utilities.

I believe I can utilize a 203(k) loan for the refurbishment.

I have the 2 units already done with separate entrance (utilities are not separate). 

We don't utilize any arbitrage method...I am not sure there would be a huge spread like there can be for short-term rentals.   

They continue to roll over until they can be fully utilized, either by offsetting future rental income or when certain events occur (e.g., your income drops below the threshold or you sell the property).If you sell the property, the accumulated passive losses are released.