Quote from @James Sills: I am looking at changing careers as soon as possible to something that can help my real estate investing aspirations.

With DSCR, credit and down payment are the major factors (plus the property itself of course) so it is very possible since a lot of the properties in the area cashflow pretty well. 

If so the carrier has the right to deny any/all claims you make or if they want to be nice they will settle the claim and retro charge you the premium you would have owed having the proper policy in place when you started renting it out.Talk to a legit local agent and tell them what is going on and get them to run down all the exposures you have and what you could do to best protect yourself for the best possible premium.

Since my RE financing investor does the incentive of paying for the property, I want to make sure that my business partner is getting a great ROI in profits, so I want to make sure that money is working for the first investor making a deal with me in the smoothest way possible! 

At that time I'll attempt to structure a 10 year term unless I consider a shorter hold period in which I'll negotiate the lowest rate possible to fit a shorter term more closely matching my remaing hold timeline.

Hiring someone to do the work will likely cost too much (I would charge a small fortune, it's an incredible amount of work) and doing things as cheaply as possible will bite you in the *** later when you start having issues with your own shoddy work and/or materials.

Quote from @Ricardo Polanco: Good evening everyone, I am evaluating the possibility of buying a multifamily property in Scranton, at this moment it has 2 apartments that only need cosmetic repairs and it has a big 2nd floor unit that needs a full repair.

Is it possible that at times you lose money (such as soft costs - paying for property inspections for example and the deal ends of falling through)?

Another possibility could be a home equity line of credit (HELOC), if you have sufficient equity in another propertyGood luck with your project!

You learn what you can as quickly as possible, and start implementing.