Many people think normal renter's insurance covers this, but most agents leave off the flood rider in my experience.

I will need to pull a loan to mortgage the property and to cover the cost of the renovation work.

My strategy was always to put my best foot forward - get a solid deal lined up, make sure the numbers are legit, pull the equity out only when the payment will be covered by an investment and still have a happy marriage.  

Many new agents fail to make enough commission to cover their operating expenses and their living expenses.

Might be a way for you to get in with little money (maybe just cover the rehab) and then get a hard money loan for the rest.

And one listed the replacement cost as well so they do cover the value from the same three angles that residential appraisals do but they looked at it much closer.

In this case, economic value will probably be around $1 150 000 which means they will finance 75% of this amount and you will have to cover the difference meaning you'll have to give an extra 130k in cash down (320k + 130k = 450K).

You generally try to get enough of a fee to cover so many expected months down time to get a new tenant until open and paying rent, expected leasing commissions needed, and attorney legal fees negotiating a new tenant lease, along with the attorney fees for negotiating the termination, as well as tenant improvements.So you might go for it 400,000 left on primary term 100,000 or something like that.

Pencil it out assuming 10% capex and 10% vacancy plus all of your normal expenses including taxes, insurance, general maintenance, utilities, water/sewer etc...On a tri if the income for the 2 covers all your expenses including mortgage and taxes and you can live in the 3rd then I would consider that to be a good deal.These deals exist in baltimore but you might have trouble finding something turnkey in a place you want to live so maybe check for something with some deferred maintenance that you can force some appreciation on.Good luck!

Test results positive for Asbestos on walls, and ceiling in kitchen area, and flooring the glue bonding under old vynal tiles, which is covered by carpet den and hallway.