I had insurance on the property, so im covered in that aspect, because they are rebuilding my unit as part of a mass rebuild project jointly with the HOA insurance.

I feel like someone should do a video and walk through of a real life MLO contract, covering each section in detail

Creatively, you might find someone to partner with to cover rehab costs, if the property rehabbed will bring in more than you owe, the difference becomes the partner's profit.

The general idea is the bank will loan you extra money to cover the cost of repairs,  this is typically only done with commercial loans and they usually escrow the money and release it to you as you complete the repairsBy way of example say you buy a 500K house that need 100K in repairs. 

I had a rental appraisal done for it for additional cost during the process and the results were good enough so that 70% of that number covered my Principal, interest and insurance and property tax payments with a little left over. 

If they are able to cover the mortgage then they should be able to work the deal out with you.

If you don't many claims will not be covered during the renovation period.

I am seeing property values suffering in places like Lake Tahoe as it became stricter on their STR laws.

This situation is not covered in the PSA.

So I wouldnt be making as much as I do now and not even enough to cover the mortgage.So if i was able to buy it outside of the exchange, I could take my time and get everything lined up.