Stone outer shell, Burn out. 

Don't want to burn my money on the first go. 

A nice fat margin can get very thin, very quickly if anything goes sideways. 

There is a burned out shell of a building located on a main street near our home.

A home was on it prior but burned down last year and it’s in the middle of a residential community.

You probably also have an opportunity to trim some fat on your PM fees if you still want to outsource the management because that's heavy.

Nope.. developers by and large are not going to cash you out and take the entitlement risk for such a small discount.. maybe 500k discount they would but not 100k.. not going to happen unless you find a developer that is not very bright and has money burning a hole in their pocket.

And I am sure you know, but just in case I will explain why you cannot get a loan without insurance. if the house was to burn down and there was no insurance the lender would have no way to get paid back.

I've seen complaints from other STR owners with photos of laminate counters with burn rings from hot pots, which won't happen with granite. 

if it burns down, I will have insurance.