You are definitely going to want to get a lawyer and as soon as possible.This will sound harsh.In your story, you have made a number of very poor decisions about how you purchased and managed this property. 

I purchased a 3 family in Newark NJ in March of this year, and am curious about looking into this form of insurance as a way to further protect myself. 

Purchase price: $940,000 Cash invested: $250,000 I purchased a Self-Storage Facility.

The first purchase is always a huge learning experience.

Purchase price: $240,000 Cash invested: $60,000 I purchased this duplex in distressed condition using owner financing for $240K and secured a $60K hard money loan for renovations.

I purchased a single family to rent out the rooms and it sent my finical plan completely off course because I was not as ready as I previously thought.

Is this LTV based on ARV or the purchase price? 

I’m in the process of purchasing a second home in Aspen, CO, which will also serve as my first STR property.

Purchase price: $80,000 Cash invested: $145,000 Turning a 3/2 into a 4/2 duplex for short term rentals.

Right now, I am renting but have a goal of purchasing a duplex, triplex, or quadplex in the coming months.