congrats on your home I am a Farmers agent here in California and I'd be happy to hopefully address some of your concerns/questions , what you need to carry on those properties is a landlord policy...these will provide some personal property coverage (this covers items in the property that are yours like maybe appliances that come with the property) the amount shouln't be that high since again its only covering personal items you purchased for the units such as appliances...that policy will also carry liability this is important because lets say there is a fire in the property and it damages the neighborhs property; the neighborh can come after you for the repair funds to rebuild their property again..liability will cover you in this instance (we recommend $500k when the owner is renting the property to others) and the policy will also carry loss of use (loss of rents) since you are renting the property to others.

I guess I'm asking what the difference is between a total rebuild/gut job vs a distressed house.Can I assume a distressed house is something that needs a lot of cosmetic work, but overall, should have no structural damage?

If I could get it with OPM and demolish and rebuild, that would be amazing.  

Hi @Jared Carpenter I'm finishing up a rebuild of a home in Bellevue right now and have my next 2 projects lined up.

I will take a pause after this one to see how it goes for awhile and rebuild funds.

I can't imagine having to try and rebuild that stock.

I hope you are right and local officials start putting money into rebuilding the area.

By the looks of it and with its small size and weird lot layout I think a complete rebuild would make the most sense.

I made the mistake of selling all my real estate investments a few years ago and now am trying to rebuild my portfolio. 

Then again hes not going Mike Holmes and rebuilding foundation walls.