In this case, after speaking with local real estate agents, a local appraiser, and a half dozen lenders, I think (hope) I'll get away with my err in judgement this time and procede as "by the book" as possible going forward.Regarding the insurance, everyone has stories about insurance companies trying to weasel out of their coverages.

This type of situation is perfect for single parents, persons looking to supplement an existing income, or retired persons who want to stay active and involved.

Traditional insurance coverage, RV’snormally stay a flat rate throughout the year, thus you will stillneed to maintain full coverage.

@Samuel Ksiazkieicz and @Amy LuThere are various companies like foremost, diamond preferred, Aegis, North Pointe.. based on location, rental loss coverage, swimming pool in property or not, pets etc.; the rates are different for various locations.Normally, I use an agent; who helps to locate the  best price. 

Otherwise, you could potentially do a Debt-Service Coverage Ratio purchase or refinance to get the necessary funds which would be a cashflow based lending option for investments. 

Is insurance covering the flood damage of was there no flood coverage?

The BRRR (Buy, Rehab, Rent, Refinance, Repeat) strategy might be a great fit for you since it lets you combine your design passion with a long-term investment approach.Financing OptionsDSCR Loan: Debt Service Coverage Ratio (DSCR) loans are solid for investment properties.

Marshall,If you do plan on leasing to the new business (craft & tanning), you should check with your Insurance agent to see if that will still be eligible for your current coverage. 

Are you looking to supplement your income, replace your income, leave a legacy for your kids, keep scaling and figure it out as you go?

Good afternoon,Hoping someone can lend a hand here.I am currently in the midst of getting a new homeowner's insurance policy for a LTR that I own in Cape Coral, FL... as my previous insurer is pulling their coverage in the state of Florida.