I think they recently lowered the down payment requirements for owner-occupied multi fams.  

So, if the things covered by the policy would cause you to start missing mortgage payments and eventually lose your property then there is a value and for a landlord who is struggling that may be true.

I personally live in Orlando too and invest in Ohio, but I grew up in the town I invest in and have trusted people there.I'm not talking you out of it, but perhaps try to find something around here, maybe in a area that still has homes that are reasonable like deep in Polk County or Volusia like Deltona, Haines City areas. 

What is the process for the estoppel agreement, switching the leases into our name, not the previous owner, changing the rent payments to go to our account and not the previous owner?

Why would someone be willing to take payments on a home based on your promise to pay?

Good evening
I have a question for anyone who can help me. I purchased property 11 years ago and the owner financed the loan for me. The owner has an LLC that he uses because it is a business for him to sell property...

Another strategy would be to 1031 exchange into a passive portfolio of DSTs (Delaware Statutory Trusts).

They still have a monthly payment.

If, for example, I could get hard money to purchase/repair and pay off in a year, I'm confident I could do so without loss, but only if the payments could accrue in the background, collecting interest, without being paid until the house sells.

And although @Michael Plaks makes a great case about tenant destruction (he doesn't trust anyone :), if your model was a short-term rental you won't have nearly as much wear and tear I would imagine.