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.  

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!

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

. -- Yay for comprehensive record keeping (and for keeping at it).

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. 

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

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

Your plan is to wholesale the deal and make a 200k profit, by just offering 200k less than asking price.

Just be sure to have a plan in place to avoid any potential financial risks.