RuchikTypically the policy used for a rented condo unit is a Dwelling Fire policy (also called a Landlord polcy by many companies). 

Should just require Dwelling fire, unless I am missing something.Feel free to reach out if you have more specific questions.

Once the property became officially released (I was able to get details ahead of it being released) he was able to scoop up the house instantly and was happy he was going to be improving his neighborhood.

Most of our Insurance Carriers will insure a rented Condo Unit on a Dwelling/Fire policy (some companies call them a Landlord policy). 

Tenants who ask for favors like paying rent late through a text message get my bad side instantly.

The type of policy you will be seeing from most companies is not a Homeowners form (that is used for owner occupied 1-4 family dwellings). 

Instant equity and 54% CoCLessons learned?

I don't plan on making money, but to be able to take out what I put in with instant equity seems like a win win.

We represent dozens of Homeowners carriers and most would require that the policy be cancelled and coverage written on a Dwelling/Fire form (again, check with your agent)

Are you going from a large single family property to an apartment size dwelling and what's the crime like in the area you would be moving to vs. the crime statistics where you live right now.