There are two conventional residential single family Investor rehab & purchase loans, called HomeStyle and Choice Renovation.

It's it very important to have adequate reserves, especially in our current market.In summary, the Home Possible mortgage makes more sense for you based on the returns, but if you need/want to keep a higher cash reserve, than the FHA mortgage may be the right choice.

dont give up yet on your 1st choice. finding a duplex is the right choice. you can still land a deal. buying in miami isnt expensive when you consider what the rents are. i own over 200 units and still buy in miami every chance i get. 

Might be a better choice just going all in on that right now instead of starting small.

I second @Todd Goedeke recommendation: using life insurance as an investment would be poor financial choice.

If the property is not safe enough for a buyer then it isn't safe enough for a renter either.IMO your ethical choices are to sell as-is (at a discount, probably to another investor) or pull together more funding and complete the renovation.

There's a lot of tech job growth even in big old cities, as tech companies go where the workers are.And again, so as not to stray from the OP: one opportunity in Durham is to use the new Expanding Housing Choices rules to split off a backyard into a separate "Small Lots" unit.

You can negotiate or modify from there-your choice.

It drove paying down debt, avoiding lifestyle creep, and guided my pre-existing career choices.

. - don't give up everything you enjoy, just be aware that small choices add up.