You could still lose the property in an hypothetical law suite, etc. 

But under FEMA 2.0 the surcharge incurred for a claim within the last 20 years only applies to claims filed after FEMA 2.0 goes into effect.

This property is close to Gonzaga in Spokane, WA so I will be living in the upstairs master suite and then renting out the two bedrooms on the main floor.

Id definitely recommend finding both a good agent and a good lender familiar with rehabs to help determine what loan option suits the situation best.

All the apartments have high end washer and dryer machines and feeling bad that I will have to part with them as it is not cost effective for me to ship out of state.Should I include the price of the washer dryer units in the sale price?

@Chetan Patil you might get some responses in this forum but this question is much better suited for the commercial forum.  

I agree with the strategy of owning a property that you can partially rent out, but If you aren't willing to sublet a room and have tenant roommates, you'll need much bigger pockets or move up the valley for a property with a legal suite to rent out.

However, I am still interested to hear your voices if what are the good documents (contracts), effective script for cold calling, best marketing strategy, hot zipcodes, etc.

Buy a principal residence when you are able to (with 5% down) and ensure that the residence has either a legal suite or rooms to rent (if you don't mind the idea of tenant room mates. 

@Lionel Henderson A more cost effective route may be to get a Transaction Coordinator.