I'm in the Las Vegas, Nevada area so any information from that area is a bonus!

Having tenants living there while doing extensive remodeling is a real exposure to liability.

There is no liability exposure, but if the bank did have documentation showing they Thought it was a 3 bedroom, then that would remove any possibility of deception or fraud.  

Total Exposure.

To that end, we have used the 10% savings program, tax-free, combat and hazardous duty pay from deployments, as well as any bonus monies, to get the next house. 

If there are successful duplex/multi-unit investors in Chicago (or MontCo / Philadelphia around Thanksgiving/Christmas), I'd be willing to share some of my time and expertise in exchange for some exposure to your efforts.

All units are 1 bedroom, one bathroom, with a bonus room (either guest room or office).  

In my professional opinion the exposure of common areas as a gym and conference room increase the apartments liability exposure thus increasing the probability of a higher premium for the liability coverage.

Because of how most insurance policies are written this type of exposure is excluded and no coverage would apply.

Easiest way to dod it.Full exposure and you save one side of the commission (maybe the entire commission if tenant comes through one of the many sites (Zillow, Trulia, etc)