If you own the balcony (check CCRs, I have a unit where I don't own my private balcony) then it is all part of the unit.As an owner, you're on the hook for the actions of your tenant.

Another great option is the BRRRR method (Buy, Rehab, Rent, Refinance, Repeat), where you buy a fixer-upper, renovate it, rent it out, and refinance to pull your cash back for the next deal, and this is a good route because most private lenders can go higher LTV than on a rental loan! 

@Matt Wanyes but... is that actually your biggest concern? 

I do a lot of private lending and we do make some passive interest, but the good fixing flippers make the bulk of the money.

My biggest conundrum now is I want to be my own GC because even when I play with smaller numbers they’re still out of reach for me to be able to attain this goal and afford the monthly mortgage with taxes and insurance.

If you’re interested in exchanging further insights on best practices or have specific questions about structuring a VA program, feel free to send me a private message.Good luck with ramping up your direct-to-seller leads!

Or just use private money. 

It's not difficult (shouldn't take long) to get flood insurance quotes (NFIP & private) if you work with a good agent.

The biggest challenge we faced is the property's proximity to a railroad, which has proven to be an impediment to the sale.

David, Send us a Private Message and we can schedule a call to see if you fit the group.