My son will be helping us with marketing, advertising (if needed), press coverage (if needed) and finding investors / lenders (if needed).

Shahaf,If you do decide to go ahead with the conversion, contact your insurance agent and make sure your current coverage for the 2 family will still write the 3 family.  

Residential MLS: 3665787Active List Price: $129,900 907 School Ave, Cuyahoga Falls, OH 44221 Sold Price: Area: SUM04-Cuyahoga Falls(West) Twp: List Date: 11/05/14 Subtype: Single Family Subdiv: List Date Rec: 11/05/14 Parcel ID: 02-17318 County: Summit Off Mkt Date: Open House: Closing Date: Supplements: 2 Exp.

I also had an odd event where Statefarm cancelled my coverage and required I get a roof inspection.

A fire etc resulting valid claims in excess of your insurance coverage can wipe you out otherwise.

@Jarrod OchsenbeinYou are correct that if property has equity coverage you would get paid off in a foreclosureJust realize what is loan for, if it’s fix and flip the property may not be fully renovated which add riskIt comes down to underwriting the borrower.

Obtaining an adequate amount of liability coverage should cover liability concerns. 

This is a great strategy to quickly build up cash flow to supplement your income.

Cash flow-oriented investors would do well in this market, since Montgomery’s rent-to-price ratios are very favorable—for instance, we’re seeing $150,000 properties in B/B+ neighborhoods fetch monthly gross rents of $1,200 to $1,300.By the way, if you’re looking for financing, a debt service coverage ratio (DSCR) loan could be a good option for you since you’re an international investor.

An umbrella insurance policy can offer cost-effective liability coverage as you scale, but they rarely payout.