You might want to edit your post to say, "I have a property under contract in Reading, Pennsylvania..."

Edited-  I now see it listed in the SKUs.  

Doing both under 1 entity will subject your buy and hold properties to higher premiums. 

However when you have institutional investors paying upwards of 77.6% of RE Value for non-performing loans and the premium mortgage market taking yields at 3.5% you will do well to, as @Bob Estler mentions to find a mentor to work with.  

After thinking about your situation more (and not being able to find the edit button for my post-- is that feature gone now?)

Our insurance for a family is like $1400 a month and it's a $3000 deductible per-person, which means for the privilege of paying $16-17k per year of premiums, I get to pay another $12k out of pocket before the insurance picks up anything.  

Have them sign a one or two year lease with option to purchase, collect an up front option fee and charge them a premium rent rate (a portion of which could be credited back to them toward down payment if they exercise the option).

Will I be able to charge market or premium rents with this unit?

It is not uncommon for liens in Worcester to sell at a premium. 

I could value each at $400k just like he did & save money on the total premium paid each year...