I incurred a bunch of major repair costs over the years (e.g. new boiler, rebuilding of damaged porch, etc..) all paid through positive rental cash flow and so felt it was time to cash out.

This all must happen even before rebuilding can begin.

Stretching renovations out 2 years while living in the house was tough for my wife's motivation, but it does not take many months of rent checks for excitement to rebuild.

And we are in sync completely with the idea of niche market - mountain vibes and maintaining a local attitude while rebuilding properties that have significant deferred maintenance. 

Commercial Package or Business Owners policy aka BOP)There are other coverage that you should look into and that would normally be part of the above policies such as:   - Loss of Rents / Business Income    - Contents (for your contents such as stoves, refridgerators, etc. in the units)   - Loss Assessment if it is a condo unit or part of HOA   - ordinance & law if the bldg laws would require rebuilding with different methods that may cost moreThere are other coverage items that may be recommended depending on the propertyYou would need Professional Liability if you are providing services to others (ie. as a realtor or consultant). 

Try some other providers.You will want to insure for either the bank loan or the cost to rebuild the entire interior of the condo, whichever one is greater.

But it was a full redevelopment, tear down the anchor, rebuild, etc.  

"I'm considering purchasing a distressed property priced at $300,000, which requires a complete rebuild.

Total gut and rebuild with 2 bedrooms and 2 baths, this back cottage will rent out with a 4 night minimum through VRBO.

Does it require a complete rebuild of an enclosed stairwell?