If using a lender this is a non issue.

The problem is that the lender is asking me change my existing cash value insurance policy to a replacement cost basis policy.  

Although I agree that 100% LTV and 100% of the rehab do not exist, especially to the novice, you should message me to discuss general terms / deals. 

Do existing lease agreements stay in affect when ownership changes hands?

If he doesnt pay Sept rent, I file eviction in early Sept for non-payment. 

@William Sullivan You won't be able to use FHA for a non-owner occupied property. 

Everything that remotely smells like advertising is deleted in the forums :-( thus the paid marketplace area (hint).Since BP doesn't have non-US cities to choose when hosting and arranging local events, some people (wink) might have to choose a US location but be sure to add local keywords to their headlines and content.

So many options exist.

There is an existing loan on this one.

Very similar to how Walmart flattens mom and pop shops.In the next 10-20 years:No personal offense meant to anyone agents here, but you and I know that technology is getting to the verge of becoming MORE than just making existing systems and processes more efficient.