The name of the policy you are looking for is a Dwelling Fire Policy (DP-1, DP-2, or DP3)

There are plenty of properties that you can purchase for 80-90% of ARV that will give you instant equity and a more comfortable first purchase. 

One category is for those individuals, trusts or estates who do just one seller carryback transaction a year on a property that has a dwelling that the buyer will use as their primary residence.Let me repeat that, because there has been so much misinformation circulated about it: this category is for those individuals, trusts or estates who do just one seller carryback transaction a year on a property that has a dwelling that the buyer will use as their primary residence.

I think it's still the case here in Charleston County that you can add an accessory dwelling of up to 800 sqft as long as your lot meets certain minimum lot size requirements.  

(like 10k+ closing costs quoted from multiple banks for a simple refi)Insurance in the 300 per month range vs 85 for the same property if it were held privately.Town taxes such as water/sewer/property are billed at a higher rate.Plus more.So, what I am thinking of doing is:a: quit claiming the deed into my personal name.b: adding a million-dollar liability policy to the standard dwelling/fire coverage to protect my assets.

It was very disarming and I instantly liked the guy.

Which means if your parents make you one tenth of 1% of the company, instantly urine owner.

a proper builders risk policy is written to cover RCV or ACV if ACV is greater when construction is complete you need a standard dwelling policy.

@Douglas Snook  how does title work in your state.. do you use title companies or is it attorney driven and you have to hire an abstractor to run title.. or can you simply call your title company like we do and in 2 minutes you have a TRIO showing last recorded deed and mortgage e mailed to you.We are seriously spoiled here on Left coast when it comes to instant and free information on properties. 

If you need me to explain, let me know.Bottom line, if you are not getting instant equity for the property in this wholesale deal KEEP LOOKING!