The scenario you described is akin to playing the role of a lender and paying yourself the loan percentage—investors pay themselves much like how a bank or private hard money lending institution would handle it. 

Call an insurance broker and see what options they have based on what and where you are buying. 

As @Paul Sofia said, you are a rookie playing a championship game.Pass on this, you are clearly over your head.....this could ruin you.

Looking forward to your input.TroyView report*This link comes directly from our calculators, based on information input by the member who posted.

Try to make your decisions based on that and not as if it were your personal home.

There are a few Duluth or Superior based folks active in the forums with varying degrees of regularity.  

Alex LonginidisView report*This link comes directly from our calculators, based on information input by the member who posted.

Honestly, PriceLabs is my favorite, especially if you're doing multi-unit or want to create custom groups and bring in occupancy-based factors.

Any decision you make in rehab should be based on how that will increase your rent. 1.

I've seen it here in a few instances.