Purchase price - $99,000Rehab estimate - less than $20,000Total invested - $119,000ARV - $170,000I will BRRRR to pull out my entire investment (purchase + rehab costs).Instant equity from day 1.

My property appraised for $110,000 more than I paid for it - so I had instant equity of $137,000 at closing.

zola.planning.nyc.gov says:Land Use: One & Two Family BuildingsBuilding Class: One Family Dwellings - Attached or Semi-Detached ( A5 )https://a836-acris.nyc.gov/ says:Property type: DWELLING ONLY - 3 FAMILYThanks in advanced!

Instant equity!

State Farm says I need to purchase a rental dwelling policy instead of my home owner's.

Unless you have some sort of partnership agreement spelling out all the various contingencies, just sharing ownership immediately bestows upon the partner instant equity.

@Matthew LindseyThis all depends on how you want to finance them... you could do individual loans for each parcel with their respective dwellings or do a blanket (sometimes called a portfolio) loan. 

Area you are insuring in, sq. ft. of dwelling, type of coverage you want on dwelling, age of major house systems such as roof, plumbing, hvac, etc. 

Here is where the almost heart attack comes in, the insurance adjuster (who has the final determination to interpret our policy language to assess our coverage) told us that our policy was written as a Dwelling Fire 1 (AKA “name perils”) instead of a Dwelling Fire 3 (AKA “All Inclusive”).

With rental dwellings, Insurance companies have guidelines on Age, year of updates, condition, loss history, fire protection of the town, etc.