@Jeremy Tillotson  Yes I have workers comp and $2 mil liability coverage.

Or is there a way to pay for partial coverage considering your goal is to flip?

How good is your insurance coverage?

Is this enough coverage to provide peace of mind?

I agree with Kristine Marie Poe is right about commercial financing, although with low rent numbers, you're going to end up with more like a 60-65% LTV most likely, because the debt service coverage ratio (DSCR) will be too low.

So instead of say $45K in yearly rents, spending $5K extra on upgrades and more comprehensive repairs, might get you $52K in rents, this year and also $55K in rents next year.   

@Long Khang We like to see CAP 8%+, Cash on cash 12%+ and Debt coverage ration 1.6%+Paul

Vacant property insurance is VERY expensive, hard to get and has very limited coverage. 

Again, some policies may automatically provide built-in protection for these items.Some policies however, will not and you will need to be sure you add specific coverage for these items.

in some cases you can use the rent on the subject property.Another option is a local back who may be more interested in the debt coverage on the subject rather than the DTI - down side is shorter term loans, little higher rate.