Properties meeting at least one of the following criteria will not be eligible for Citizens Personal Residential Multiperil coverage:Rented to guests more than three times in a calendar year for periods of less than 30 days or one calendar month, whichever is lessAdvertised or held out to the public as a place regularly rented to guests

Best of luck with whichever path you choose!

Which ever home you choose as the main home it will be a tax deduction so it should work out in the long run.Another thing to consider is having two primary homes does not offer a great Schedule E option where you can have the bigger tax shelter. 

I am a huge believer in that the actual Better strategy is being able to pivot and take what the market/numbers take you - i.e. at the start of the project, be open to Both (either a flip OR a BRRRR), whichever models out better for the individual project

You just have to weigh the risks and choose whichever you are confident with.

Down payment 10% or $1,000.00 whichever is less. 3 day cooling of period & 5 day for people over 65 & many other laws spelled out in the business & professions laws that we test on and signed an affidavit to uphold.People on the forum dismiss these and many other facts relative to contractor license law at their own peril.If I took a residential customers credit card & bought material I'd be in direct violation of license law.

Limiting your investment opportunities to one property is, well, very limiting.The 70k loss is irrelevant...it's a sunk cost and you can claw that back with the current property or any other investment...whichever is fastest/best. 

There is a good chance they would limit the loan amount based on either appraisal, or purchase price + improvements (ie project cost), whichever is lower.

However long they can hang on for or until it isn't economically feasible - whichever comes first.

Do whichever best suits your personal situation!