Or do you plan on giving them the $1,500?  

@Jake Baker Man, what a tough situation.It’s a real reminder that even with solid plans, even with checking out our numbers a thousand times sometimes completely unexpected disasters can hit hard and mess everything up.

I used a LOC to build a 12 site RV park in a small town, opened it up and 1.5 mnths later, I'm full occupancy and servicing the debt (some of it at 8.75%) & cash flowing.

I’ve heard some investors negotiate with their providers for extended coverage or switch to a landlord or vacant property insurance plan until the spec sells. 

Unfortunately I had a bad inspector who missed a lot which made it about a $60K renovation instead of what I planned for which was $15K.

You have to ask yourself what the end goal and how many of these do you plan on doing to reach that goal.

So that rules out areas like City Heights / Skyline / etc.4) Parking - make sure you scope out the parking situation before you buy.

We are planning to rent one of the apartments as MTR.

Find a park a distressed park, find some distressed trailers, put your husband to work. 

However, keep in mind that tying your primary home to an investment carries inherent risks, especially if the flip doesn't go as planned.