Save that money for a good home inspection that includes a sewer scope.They understand the law but typically do not understand real estate transactions well.

@Mitchell PetroskyHere is a structured approach to house hacking, including getting pre-approved for a loan, identifying an ideal investment property, building a trusted team, researching and making offers, managing the property effectively, and overcoming common challenges.

I received a quote for $3492 annual policy for RCV of $270,000 which also includes liability up to $2,000,000 (see list of liability covered).

Quote from @Evan Polaski: @Enrique Roth, every investor should be preparing a full appraisal package.In mine, I include 1. before and after photos, 2. 5-6 comps that I want the appraiser to use, WITH explanations of what the comps have or don't have compared to mine.  

Here’s what a typical SOW for a house flipper might include:1.

Reality is many bad events/outcomes was done with risk and/or stupidity including poor research.

I used to even include a clip of the newspaper articles when a major levy was passed.   

An increasing number of cities are placing restrictions on short term rentals, including on the Oregon Coast, believing that they cause a housing shortage for locals. 

You can control a lot of aspects of the loan including LTV, length, type, and where to deploy the funds (BRRRR, flip, new construction).

So purchase price, as long as you can obtain initial funds to execute the BRRRR (including the value add), has zero bearing.