@Brenda HamsteadSome insurers offer a 'vacant dwelling policy' however we have had a situation where when an extensive rehab was happening, the insurer didn't want to touch it until basically the systems were done, and the drywall was going up. 

I've got an owner financing agreement with a 5 year balloon but I wanted to put in verbiage to have an optional extension for 3-years per buyer's discretion? 

I'd have to put you on an extension for this year, but we'd get it done!

This "mortgage limit" has been discussed extensively on BP so I'd recommend you research this some more.3 - My #1 piece of advice for Providence is to watch the taxes and make sure you buy with the non-owner-occupied (i.e., higher landlord tax) in mind.

I’m looking for some side work while my husband and I build up our own business and have extensive experience dealing with customers, estimating rehab costs and ARV.

Todd:  I have been looking extensively in the area for existing and the numbers just don't work for me. 

Modest cosmetic upgrades over the years... most extensively in the bathroom.

On a 3 bedroom, 2 bathroom (approximately 1,500 to 2,000sf) that needs a full rehab with new kitchen, new bathrooms, roofing, windows, doors, interior finishes (no extensive floor plan changes or MEP work) we average about 2 to 3 months for the rehab. 

Most likely, your offer will be rejected unless the property needs extensive rehab.

I am making a large investment to bring city water to the property (approx. 1400 feet extension.)