You currently run the risk of upkeep costs eventually burning through the profit margin you currently have for selling. 

It has a wood burning fireplace, built in bookshelves, and outdoor space. 

Its best to call a mid size builder and see if he has any interest, the big boys won't touch it because its too much work.I love cheap lots, because I'm cheap, I just did one where I purchased the lot for 4k, it had a burned down house on it knocked the house down, tossed on a nice simple spec house and made a nice profit, actually one of my better % numbers to date.

I learned a lot on how to get everything in writing with contractors using the fat pay method.

Call center will just grind you until you burn out.

My question is, if I opt for loan value only and the house burns down, yes the loan is paid for but what do you do then to the house?

I have found many houses that from Zillow shots look great only to find the house has burned down or has a hole the size of a compact car in the back of the house which is not noticeable from the street view. 

It has 4bd/2 1/2 ba, Granit and stainless kitchen, formal dining plus breakfast nook, wood burning fireplace, 2 car garage and privacy fence.

Purchase price: $100,000 Cash invested: $27,500 Sale price: $178,000 This is a 2 story Single Family, 1800 sq ft 4bd/2 1/2 ba, Granite, formal dining plus breakfast nook, wood burning fireplace, 2 car garage and privacy fence.

I tried it for a couple months about a decade ago and I had a hard time getting people to work on my hvac when it went out because the repair man all said those kind of insurance makes it hard to colloect their money....this was american home shield and at that time they said I could use any repairman....meanwhile i have a tenant with kids burning up in the house in the middle of summer....so i just dropped them.