@Brian CampeI suggest using contractors that have verifiable experience with the 203k or at the very least have been properly educated on the 203k and have verifiable financial resources to afford the start up costs and ongoing expenses associated with the 203k. 

I have a 14 year old daughter that has her heart set on going to this school and I thought it would be best to just go ahead and purchase an apartment and rent it until she goes, if she even ends up there. 

However, I ran reports on my STRs and the numbers are way over inflated.  

@James Peever a Builders Risk policy covers an unoccupied building while renovations are ongoing against Fire, Theft, etc. 

They do take some ongoing work, and I certainly would not take it on for a small property now that I know.

@Brittany Scantland-LallThis was his reply about him having an ongoing role and compensation.

It's easy to obtain, costs very little, and doesn't require additional, on-going effort to maintain.

My first two tenants were awesome, and then I ran into a few bad apples after that lol.

The problem is their credit is low in 500's so they are having a difficult time with the applications at many rentals.The backstory is husband is a 10+ year Marine veteran injured in Iraq who retired due to those injuries and his wife had cancer the Military hospital was unable to care for his wife so to save her they took out massive loans for the medical bills.My heart is hurting for this great family and I’m trying my best to help.

So I ran it with two rates and swapped out the rate to the refi vs the acquisition?