HI Adam,Yes you can do this so long as the property you have is owned in another entity like a LLC or LP and you do not have a personal guarantee(PG) on the commercial mortgage note.

Your business model is obviously selling.

Perhaps its a viable business model, but will it work in New York City?

So much for that aura of unrivaled model citizenry - NEVER EVER breaking ANY law...But hey, 7mi over limit is not illegal in anyone's book, right?

HUD’s business model an investor is “supposed” to conduct an inspection prior to making a bid on any property.

I will not rent to a very high risk tenant (low FICO, past evictions, etc.) regardless of how high a rent they say they're willing to pay and I won't just give the place away to a model tenant.

$500 for 3 month flips was a surprise and something I had not built into the model.

Why haven't you filed an LP?

Which model would you recommend for a budget conscious landlord?

You should really address this issue at the "business model level", so you don't end up giving the insurance company more than the need to cover what you really have at risk.