If so, get that person involved.

While I love gaining the experience, I definitely want a substantial profit the effort involved (even though sometimes there's very little effort :) )

I am in FL and I have a FARBAR contract but I am not sure if it can be between me and the seller or is there any other professional that needs to be involved.

No need to get a lawyer involved on something this simple.

My question involves obtaining property insurance to protect against a decline in value of the property.There are 2 economic interests in the risk assessment the need to be insured against.1.

Every deal doesn't have to be a "wedge" or a BRRRR type deal where sweat equity is involved.

That being said, the most rewarding part of this project is getting my family involved in the process.

This is going to be very hard to work through with a bank involved, if not impossible.Lastly...

No gimmick, no needing to pay a 3rd party to manage this, no trickery involving the notion that there are 4 weeks in a month (there aren't) and some mystical magic about biweekly payments. 

You could live in it but there are new rules that limit financing to owner occupants to 1-3 properties per calendar year unless there is a licensed loan originator involved.