Tell them your policy and they can either abide by it or move out.

My husband and I are licensed financial professionals and we love to educate on IULʻs or different types of policies that can assist in situations such as these! 

I also assume you have homeowners insurance rather than landlord policy which is invalid if you’re not living there.

Those that cannot weather the storm get wiped out.Having cashflow positive properties provides a margin of safety you just do not have with negative cashflow.Why are you focused on buying in your backyard? 

"I mistakenly had a rental policy instead of a builder’s risk policy."

If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.

The reality is you need to move off a few factors---fast solutions have slow problems, due diligence, have a healthy safety blanket reserve wise. 

I'd say everything else is the consequence of the 2 points above - the weather and the state of economic affairs influences everything else, including safety, infrastructure, the condition of housing stock, etc.

Instant equity creates a margin of safety.

Understand the local permitting requirements, keep eyes on your property to avoid squatters, and make sure you have a great vacant insurance policy while you're renovating.