There's so much information here on BiggerPockets as well as the podcast and books and other websites, books and blogs too that are either free or very cheap. 

The Homeowners Insurance will include Builder's Risk.

@Paul Cijunelis  thank you for this response Paul, well I firstly got interested in CRE when one of my high school teachers told me about how he does it and that kind of started my interest, I really love CRE because I've noticed it's a very lucrative and risky business like high risk high reward, but not just that I really love seeing a bunch of properties being brought back to life with renovations.

This is a significant risk to the other two parties that are bringing the deal and the money when they could just as easily hire a contractor and keep the equity for themselves. 

Margins seem low and the risk seems high.

Good luck, and feel free to reach out if you ever want to brainstorm strategies!

I’m always looking to expand my network with like-minded individuals on here, so feel free to reach out.

If you get help and look in the right locations, you can make the numbers work and still enjoy the property with your family.

YOU need to understand that you are ASSUMING a lot of RISK managing your property as you are (room by room).  

The owner only wants the builder to build him a new home for "free" and give the land over to be developed after.