any idea to insure 1 bedroom condo in minneapolis area ( 700 square footage ) 

It actually is as simple as adding up built-in/permanent appliances (nameplate KW) and just knowing the sq footage of the apartments.

On a duplex I would calculate the percentage based on the square footage of each unit.

I work with a lot of house hack clients and in Milwaukee your out of pocket would be about right for a duplex on the desireable East Side close to the lake.Typically that would be a $275k-375k purchase price depending on condition, rents between 1400 and 1700 depending on number of bedrooms, square footage and condition of kitchen and bath.

So this project will be capital intensive, with a purchase price of $500,000 and a rehab budget of $120K- $165K estimate to add additional square footage, revamp layout, and update.

The general rule of thumb is that if you make money using it, you need a part 107, BUT since you're not really selling the footage for money...

--La Quinta has recently stated their are embracing rentals and even made their ordinance a bit more lax a couple of years ago, but are now focusing on some enforcement and have stopped allowing homes to add bedrooms (as this increases legal occupancy) while they figure out how to treat larger bedroom count homes on smaller lots/with lesser square footage.

You'll also want to plan on losing 20% of the footage to common areas/hallways. 

But you can often snag prestige housing of the past for pennies on the dollar in terms of square footage simply because it's old and hands-off landlords don't want to pay what they perceive are going to be extremely expensive maintenance costs, when in reality once you really dial a place in you can get decades more of easy management out of it.

Rooms, beds, baths, sq. footage, etc. etc.Also, if possible in your county, try to get any mortgage information and previous sale information.