The problem (as you have cited) is trying to understand what you need (you don't know what you don't know), where to get it, qualifying its source(s), and the validity and usefulness of all that.Pardon me if I've gone into this too much, but I meet many people with the same concerns that you are voicing and this is offered, as much as possible in direct response to your post.Please feel free to contact me if you have any comments or questions. 

Our program offers a range of coverage levels, including basic or special form coverage and actual cash value (ACV) or replacement cost (RC) loss settlement methods.

Some insurance companies offer policies specifically designed for owner-occupied multifamily properties, so it’s worth asking about that option.The key is ensuring both your personal residence and the rental unit are adequately covered.

That experience taught me the importance of leaning on local expertise, even if it feels like an unnecessary expense at first.One strategy I’ve seen work occasionally is offering the tenant a “cash for keys” deal, where you pay them a small amount to vacate voluntarily.

+I've researched something called an FHA Construction loan in terms of financing this project, but it seems that most large banks don't offer that product.

No definition offered in this Section. 

When you mentioned you did your homework on the turnkey property, if that were the case you would have had a really good idea what the property was worth before you offered on it (of course sparing the occasional rogue appraiser, which may be what happened to you... idk) and certainly before the appraisal.

It offers a great opportunity to learn the ins and outs of the industry while building a network. 

They run a customizable fund platform that many fund managers have started using in recent years.I'm not involved in the development space much, but a newer person can generally only offer so much to a more experienced person in this business. 

We made an aggressive offer quickly.