I have listened to numerous podcasts, read some books (including Josh and Brandon's newest one) and the main theme after doing some research is to obviously get on BP and start networking.

Current condition - Badly damaged and very boxy layoutThanks Much Does that include finishing the basement? 

Also, you can get a loan that includes repair funds.

My idea is to expand what will be the master bedroom to include the bathroom on the second floor into a master suite.

It more than likely will be purchased to be used as a Short Term Rental (vacation rental) as the area is a recreation paradise for both summer and winter sports.

Freddie DOES allow 75% of the market rent on the other units to be included in the income calculation.

I hope the investments are much hotter than my two favorite pro sports franchises.

Given the pricing is the same, use the list below to eliminate the policies that do not include as many of these coverages/forms.1)  To limit your 95% of your financial risk, I would start with the following - $1M Liability, Replacement Cost, Agreed Value, Special Form, and Loss of rents.2) Secondary coverages you may want to consider if your building is susceptible to these risks, Building Law and Ordinance, Sewer Back up, Contents coverage, Flood.

  (2 years of tax returns business and 2 from personal, P&L statements down to the month, invoices, and since you have 3 extra units make sure you include the potential income you will have with tenants in the property.)

If a 1250 sqft home needs to be completely remodeled (not including foundation work).