So, if a loss occurs while the property is being repaired or renovated, coverage would apply, correct?

Montse I'm here in Rotterdam...working on renovating a 3 unit townhouse and gettting an expensive education on the Dutch construction industry...

@Ming HuangRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

So the best solution is to buy a house needing extensive renovation for cheap and use that discount to change the layout when you bring it up to living standards. 

One thing to note- the building is older (built in 1922), is considered in a historical district, and although each unit has been fully renovated, I have not upgraded all the electrical/roof and plumbing, so that's on the older side which I know is more challenging to get insured... 

Have your notified your insurance agent/company that you are no longer living in the property and that it's under renovation?

This provides an excellent opportunity to purchase properties, make light renovations to increase both rental income and property value, and optimize cash flow.

I also wouldn't touch hilltop with a 10' pole. struggled. old homes, over budget renovations, lots of issues. realtors push people here since it's the only place cheap houses close to downtown can be good but homes are 1900-1920.

Hi Jonathan,Congrats on your first big renovation deal—it’s an exciting challenge!

Even with renovation costs and insurance costs the fix n flips are still making money.