What is the process with that lender for a loan of this nature?  

All natural disasters are a bummer, but if you're not right on the coast and have good insurance you'll do just fine. 

If you are just buying it from him then just a regular contract of Sale. 

I have 5 years of home improvement construction experience, so determining whether to write an address down came naturally to me.

Can i purchase the property and get the loan under the 4 members names so i can get a regular residential loan instead of a commercial loan under the LLC? 

I’ve worked with my GC on several deals and he has approached me about wanting to work together.Essentially it would work something like this…1) My LLC purchases the property2) He will only charge me COST on the labor and materials (no profit or markups) which will save me around 30% on regular contract figure he gives me in my market which is very expensive3) He will also make 300k of his own liquidity available to inject into the deal (I will put some of my own cash in and get a HML loan for the rest).

Hoping like many to become a real estate investor over time, but for the moment I had a question which I'm having a lot of trouble figuring out:What would be the best / most appropriate insurance configuration in this situation:- My wife is the title holder for a single family home- She does not live at the home - Her parents live at the home, rent free- Her brother pays the mortgage on the home and he plans to rent out two rooms in the house to long term tenants (strangers)- Her parents will continue to live in the rest of the home, rent free (this is fine, just putting it here in case it affects the insurance)- My wife and I are able to visit the home at any time and do so regularly to see her parentsAll I want to make sure is that we (my wife) are covered from all angles on insurance.

Don't underestimate the recession resistant nature of student rentals.

I do not do anything real estate related on a regular basis.

After you start working through 1 on a regular basis you’ll know what your monthly costs are.