Lower the purchase price?

I have a credit score over 700 and 100% equity, but lower income on tax statements (due to being self employed).

I was pushing them to purchase a multifamily for around $800k and collect the cash flow but they don't want that stress. 

Usually you pre-pay for the vacant policy for a year, then when you either sell or rent it out, cancel that policy (and get some pro-rated money back) and start a new (lower-priced) policy.I'm not familiar with insurance agents in your area, but I'm sure other investors in the area will reach out. 

Depending on what your market cap rate is , lets say 8.5% ( some parks trade at this today, some higher , some lower) gives the park a market value of $1,867,764.  

@Matthew DrouinThat is a great position to be in.Now with regards to the refinancing options and how much you should take out, I'd say it depends on what your plans are.If you are planning on holding onto to that rental for the foreseeable future, you should stress test that property to figure out how much minimum income it needs to generate each month to meet your mortgage payments.That monthly would dictate how much you can conservatively take out after refinancing (and providing that you lender is OK with that too) without exposing yourself.Now if you have other deals that you want to pursue and you need as much cash as you can lay your hands on, you should take out as much as your lender would allow you to.Personally, I'd go for the option 1, especially if you have the  ambition is build a sound rental portfolio.

End of the day though, it only takes 1 person out of the 4000 you mail to actually open it and the profit you make from that more than makes up for that batch of mailing.Since you're smart and running a long campaign, even if one batch gets a lower response rate you're still cultivating the seeds you planted many batches ago.

You can do so with relative safety if you invest intelligently.It may seem like demanding criteria, but I will not get into a deal to lose moneyHigh cash returns do not necessarily mean you won't lose money or will have a lower risk.

It's amazing how less stress you have in life when there's a little cash in the bank. 

If your comps are lower in price, expect appraisal problems.