Honestly, that is all the insurance company needs to report the loss and raise your insurance next year.Good Investing...I called my mortgage broker to ask about changing the coverage to the rental coverage and he asked me if there was any damage after the hurricane.

We reduced price as well.The units are still empty and I'm starting to get really tight with mortgage payments and rent (I live in NYC).

Is there a type of mortgage insurance or bond you can get for owner financing that secures his position? 

We bought it with a HELOC on my mom's primary residence for the first $40k, then hired a contractor for demolition and major renovations, did cosmetics ourselves and used more heloc money totaling $60,000. 1 year later we listed it on VRBO and AIRBNB and refinanced the $100000 into a fixed rate mortgage.

I will be purchasing the properties in cash, likely from mortgage or tax deed/lien auction.

That doesn't exist folks.

Lastly, plopping down 5% points for a marginal savings on a monthly payment might not be the most effective use of those funds, maybe being able to buy the next a bit quicker would generate a higher return for the cash.and no, I do not believe we will see rates below 5%, and the fed has never had any control over mortgage rates with the fed funds rate as that is the shortest possible rate overnight borrowing between banks.

DSCR purchase loans for existing Padsplit properties that have rental history, AND fix and flip loans that I will need to refinance into DSCR for properties I will turn into Padsplits.   

Just a quick tip -  you can leverage your existing network of title companies, lenders, and other real estate agents to find off market deals.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).