My question is around property insurance and specifically what are everyones MUST HAVE COVERAGES. 

Figure and NYFTY are easy automated HELOC programs with super quick closings (I did one for a client that funded in like 72 hours from loan app). 

Once the HELOC is in place, your father-in-law could loan you the funds to invest in real estate.

If you are considering working with them, I strongly advise you to double-check the provided rates and terms carefully.During my loan process, I discovered that they had added a yield spread interest without informing me. 

It also wouldn't make sense to refi into another Bridge unless he's at the end of his period on the loan!  

Should the buyer or seller pay for title insurance?

However, don't have any of those loans anymore (most paid off).The only thing I do that you don't, is use trusts, and love them and they have saved my bacon a number of times.When you said all those loans have paid off, are you utilizing other methods than Sub2 at this time?

Yes but depending on the loan type they may want to understand what that payment is.

But a DSCR is a loan where the property is already renovated and ready to be leased or is leased.

You'd also need to establish a budget, and secure a master insurance policy. i THINK you need to do these things before reaching out to your municipality to have it converted officially with the county or city but they would be the first ask for steps in order.i will add, this would make financing on these units a bit challenging, as in the mortgage world, at least initially, they would be considered "non-warrantable" condos.