Another option that is more passive would be to invest in a syndication as an LP. 

I have the option to buy a 1,300-sqft 3-bed, 1.5-bath house in South End neighborhood of Stamford, CT, from a family member before it goes on the market.

I havent gotten an insurance for this and a week after close I consulted some insurance provider and he didnt offer me insurance options.

I've been doing some light reading, and it sounds like refinancing that property and using the proceeds to reinvest elsewhere might be a better option. 

Staging your house well can help you attract more attention from buyers, which ultimately helps it sell faster and maybe for a higher price than an unstaged home (see visual):What Are My Staging Options?

If so, I'd consider those options first as they fit in the infinite banking concept.

After sitting vacant for a while I'm entertaining the option of converting to residential units.

There are a lot of investment options.  

There are better options  

I understand the safest option is to have a lawyer review the lease, but I figured I'd try to answer my beginner questions here and not waste the lawyers time (and my money) on the "for dummies" explanation.Thank you!