Purchase price: $350,000 Cash invested: $250,000 Sale price: $2,000,000 Entitled land flip. 70 workforce housing units and 8300 sf of commercial space.

I'm moving to Tampa and would like to house hack a multifamily.

The cash flow houses help me to hold on for the long haul, while the appreciation houses enable me to buy more houses.  

I am currently in the homebuying process, looking to close on the house in the next few months and house hack it.

Any company insuring your properties without an inspection most likely has a clause buried deep in their policy allowing them to deny claims for conditions found on the property that do not meet their UW standards and they will deny you claim based on "the house should have not been insured with them anyway".Although the inspections can be annoying look at it from the other side.You pay them 1000 to 3000 a year to insure a rental property where they agree to pay out possibly hundreds of thousands of dollars if it burns down or up to 1 million if a tenant slips on a bananna peel and falls down the steps or the tenants dog bites someone and since you didn't enforce the tenant having their own renters policy to cover the dog bite the landlord's policy is paying out.The insurance company is very much like your rich uncle backing your business venture - you run the business, he takes on the financial risk from disasters, and doesn't even get a say in who lives in the property.Your rich uncle asking you to fix the steps, put up a handrail, etc which is in your and his best interest long term.Do you really want to rent out a property with a busted front step and a bad roof that is going to leak sooner than later?

I probably have 150k equity at this point)- A SF rental with ~150k equity, no HELOCThe new property will probably need to sit for 6-12 months while I renovate.

We recently did a cosmetic renovation for a client for about $27k, which didn't include new kitchen cabinets or countertops. 

Your first purchase with your brother should be a house hack of a multi.

I think you can lever up to even $750k or $800k building, but who is going to do the renovation oversight?

I hope someone with experience can help.The property is a 3-bedroom, 1-bathroom house according to public records, but the current owner converted it into a 2-bedroom, 2-bathroom about 10 years ago without permits and updates to the records.Questions: I'm planning to use a conventional loan.