@Harsh Poshti  You do need to check with the local zoning office. 

The cherry on top is that one of the tenants is choosing not to renew as of 10/31.

If family lives in the main home and friends stay for free in the garage, the property remains a primary residence, but there’s no rental income or tax benefits.

But the fact is, in the long term, if you own property then your money has a constant and safe return on investment.In a bear market, investors worry about the value of their investments.

Check out The Millionaire Real Estate Investor by Gary Keller.

Is it possible to get a loans on a paid off investment property that does not have  homeowners insurance?

you have to find an off market deal that is distressed but not too distressed, buy it and close on it, have a contractor that you trust lined up to rehab it, oversee the rehab to be sure it stays on track, get it rent ready and then rented out, and then / in parallel refinance.how will you execute those steps in any market? 

We had to jack the house in order to change the sill as well as level the house.

Welcome to the BP family 

We would meet once a month and just hold each other accountable for the steps we are all taking in building our RE business.