“Fear of travel” is most certainly NOT a covered peril.However, guests CAN purchase trip interruption insurance and in fact are promoted to do so by Airbnb and VRBO.  

Another option to consider is to just do a regular speck build.

I'm personally someone who likes to collaborate with someone I trust so it would mean talking to that person regularly and forming a strong relationship.

Will it work for regular SFH?

Take the time to ask around to find a competent real estate attorney that works regularly with investors. 

Bank loan... regular old bank loan.

Here in TX, we see leases that are not compliant with current rules pretty regularly. 

@Tom Nguyen I have a company we use regularly for exactly this, it's worked out fantastic for us in time saved etc etc. 

Just using the 1% rule will get you in trouble in this market.Regarding going through a renovation- Get qualified for both a regular loan & a renovation loan. 

From having bought my own house already, I have basic knowledge in the VA loan process (including working with real estate agents, loan officers, and inspectors), some rehabs (putting up drywall, patching up concrete foundations, installing blinds, etc...) and regular maintenance.