I should have mentioned that the foundation is part fieldstone and part cement block. 

Expenses on a 2%er cashflow hood house will be much different than a house owner occs will want to buy when time to sell.Of course location isn't mentioned by the OP so who knows.

I would never be opposed to using any of the processes you mentioned above, including the short-term financing, rehab, and then refinance into a conventional loan, but I would want to wait until after my first go around. 

New to the site and new to real estate investing (although I just finished with The Book on Rental Property Investing).My uncle (age 57) and I (age 48) want to start investing in residential single-family real estate. 

It all depends on the specific numbers, age of the condo, the specific city/town.

Many companies do require a minimum earned premium as Casey mentioned, but there are investor-friendly companies that can insure the property as it goes through the various stages of occupancy.

Also, worth mentioning, The 3 unit building is in an area where my parents live, and I would like to move there in 2 years.

If you ever mention the 70% rule I will hunt you down and disown you!

@Dmitriy Fomichenko I am currently doing those things you have mentioned! 

If several mention the price or parking issue, you know what to do.