You're discovering if they are the right partners and they will be questioning you in the exact same way. 

The underwriters will be looking at similar property condition requirements (c4 or higher) of a conventional loan (no deferred maintenance or safety hazards which would affect value).  

If a policy excludes wind coverage (more common in places like Florida where insurance is severely strained by weather and other market conditions) then all wind related events are excluded.In those cases, it's sometimes possible to purchase a wind policy (usually covers wind & hail) which would provide tornado protection.

Typically I recommend that people get very clear on your vision for not only what you want to do but the exact markets you want to do projects in and narrow your focus to those.

I think it really depends on where the home is at, the condition, etc that may help you make the right decision.

As for the ATM business, that is exactly the plan- build it up for 5 years then sell for 7 figures.

Talk briefly and honestly about the condition and your plans for the property.

That is exactly how my wife and I got our start in Real Estate.

Your operating agreement would have to specify exactly what you can do with those monies.  

It 100% does NOT work with an LLC because a single-member LLC is exactly the same as you for tax purposes, and you cannot sell it to yourself.2.