Lenders often have strict policies when a property is in a FEMA-designated disaster area to protect their risk, even if the property isn’t directly impacted.

This will reduce your risk and cash invested and if something goes wrong you wont be bled dry with never ending repairs.

If you ever see someone offering terms that are too good to be true, you might as well just post your SS# and banking information on IG.

It really depends on your goals, time availability, and risk tolerance.

Quote from @Michell Chase: I am working with a hard lender on a purchase/reno and they require a builders risk policy even though 1 unit of the 3/4 will have a tenant.  

the reality is that well over 90% of all our clients exchanges end successfully.

Some builders risk policies don't provide for live in.

If more than 30 days go by with no booking, you are at risk of falling off the wagon. 

Seems like a high-risk, low reward situation though.

Obviously, the at least 42 input variables can be adjusted to your own risk tolerance, but this is far easier/quicker than to re-create the entire input.You can find the link on my profile page.