Step 2 would be to take a little time to adopt some of the principals of the FI (Financial Independence) community.

I've come across Foremost and All Risks, along with the suggestion to source these or others through an Independent Agents' office. 

I’d just recommend using something other than you’d like to use the low downpayment mortgage assistance system to get yourself closer to Financial Independence as your key point.

Would these general renos further reduce the cap rate of this building independent of macro economic conditions and the local area?

Just make sure you really know what you're doing/getting into - you need to independently verify what they're telling you in terms of market rent, ARV, rehab costs, etc.

@Julie Fullmer You have two situations that are related but independent. 1) Your Mom and hubby are selling their primary home so they will get the $500k exclusion. 2) The buyer is offering a seller financed note.

Some split 80/20, 90/10, etc.This arrangement is sort of all over the board, so when in doubt, just table the issue with your agent, assuming your business relationship is mutual and you prefer it to continue long into the future, and thoroughly discuss it openly.How much is closing each of those two properties worth to me as an independent agent (just me, no employing/managing broker to get in the way)? 

I'll finally have hit my financial independence mark and can enjoy the freedom that comes with it.

A Vacant Dwelling policy that allows renovationYou should contact an independent agent (preferably one who writes both business and personally insurance).  

Are you trying to build financial independence with passive income?