But will seek a traditional commercial lender.

I have personally been considering a HELOC vs a traditional mortgage on a free and clear property.

Once you have this framework, you can go through the specific limits of coverage just like you would with any policy.Lastly, when you decide to move out, you will need to convert this to a traditional Landlord policy.  

When providing this feedback, I am mainly referring to traditional rental opportunities, or flip possibilities.To not be all doom & gloom, I want to transition to some positive points:Though at the market prices properties are now selling for, the numbers are less appealing for traditional rentals,-AirBnB has caught fire.

I did it for a couple of reasons 1) never did a condo 2) different market so I needed an underwriting appropriate for that market and not want to use underwriting from my traditional market.

Hitting the lottery is luck.

@Bryan Hope, as long as you live in the property you buy you can use a traditional residential loan.  

It helps that my market has a relatively low price point for real estate investing.My plan is to combine the equity from my BRRR, flip profits, and lottery winnings (yeah right!)

My second purchase was the only one that I had very reluctantly resorted to a loan from my parents, only due to timing constraints on closing (and numerous failed attempts to obtain traditional financing) and not wanting to liquidate my stocks portfolio.

Otherwise it's like buying a very expensive lottery ticket.