@Pradeep Velugubantla I'll preface this with the fact that I have a legal background, specifically with estate planning and asset protection.

Unless you have a solid plan in place to sell or refi the property within a year.A HELOC on your existing rental would prob still be the best bet, and you may just have to keep calling around. 

Generally the policy will be written with limits as follows:Existing Structure:   limit is the depreciated value of the Building (also called Actual Cash Value)Renovations:            Limit is the total cost of the renovations being put in to the structureMost Insurance companies that write these policies will want to know if there are any Structural work planned.  

There are a few types of people who will buy your end of line flips….1) Those that will only buy truly safe … battle born… “equity the day I buy”.. opportunities And/or2) those that were trained to see real estate investing as a much more risky “ investment”… in other words  “ a buy that “SHOULD” have value after appreciation”With Buyer group #1… if you provide truly investor grade deals that haven’t been stripped of most of the equity before you try to flip, you will build a following of investor grade buyers that WILL pay cash and CAN close “ as soon as the title search is done”… This will net smaller nets for you initially , but you will own a REAL Buyers list… that WILL have the experience… to REALLY CLOSE ASAP.And that will make your machine run MUCH more smoothly.Or2) you can initially max out your net on a few deals as you scape out most of the equity for yourself… but you will only be working with non experienced buyers.. who will buy ….one… realize that they are in WAY too deep… have no B plan.. and they will be FAR less likely to buy again… AND they may never even make it to your first closing .So.. your choice… cultivate a crop of GREAT slam dunk , low work load real buyer investors…. where all you need to do is find the property , mark it up a LITTLE ..and we do all of the rest of the work…Or sew a crop of weeds…I do spend a little bit of my time asking wholesalers to take me off of their lists.I would love to buy from you.I don’t want to spend my time doing the initial marketing.I am willing to pay for your valueBut I don’t buy properties that don’t have TWO exit strategies1) enough equity AT CLOSING so that, at the very least I could sell it TODAY without taking a loss…..AND2) after my expertise …. 

I haven't reached out to my attorney yet, but plan to. 

Again, lease doesn't explicitly state there will be an increase though, and for having the most sq footage (1 br + basement) she's paying below market rent.Units 3+4: two more studio apts, can rent for $750 each.I plan to put in an offer contingent upon inspection (and obviously getting into Unit 2...), but I'm not sure whether I should also ask for the property to be delivered vacant..My questions:- If I keep the tenants, what should I obtain from the current owner or the tenants themselves?

Would love to chat more about your house hacking plans!

This has been our exit plan to transition to fewer doors.

For me, I have STR experience so just need to get the house rehabbed as they were just purchased and had been neglected.The plan is to post on furnished finders and airbnb or vrbo and see which takes off. 

A self funded care plan is challenging to execute and I empathize with you and your family.