Our only response to our tenants in these situations is, Please contact your rents insurance agent, they should be able to help you...

Then get it ready to rent.

Fix n flip loans for purchase + reno. bridge loans for purchase with no reno, do reno out of pocket. cashout refinance of course upon completion & renting out, to move funds to the next deal.

The family member needs the money now and is looking to rent as opposed to finance another home.I'm essentially playing seller and buyer.

for it to be a good rental the rent needs to cover more than PITI.

Is not a new construction, rather making it a liveable place, so I could rent it later on to at least cut my mortgage payment in half and be able to focus on other investments. 

Say that you need to move in to one unit and raise the rent on the other.

We’re long-term rental property owners, with a condo we’ve owned since 2009 and rented out since 2013.

Usually, I rent my rooms for long-term rentals with a minimum 6-month lease.

I'm hoping to purchase something that is move in ready with little work required to make it more appealing to renters while charging max rent.