they like the idea that they can play their music loud and burn a fire in the fireplace without their neighbors calling the police. 

Translation, only buy undervalued properties and you make instant equity by taking ownership of the property.This sounds to me like you are looking for a way to pay at or near full retail and figure out a way to make it cash flow with the interest only financing. 

You all hear enough about SF from me, who else has been burning up the market with SF deals.......I love to hear about good commercial deals!

I thought I'd ask some of you that may have benefitted or been burned by such products.Thanks in advance!

Then Ordinance and Law coverage: this will add extra coverage limits to the Building property coverage value: the idea is lets say you have an older house that your flipping that burns down but, to replace it as it was would be in violation of the cities ordinances or zoning or codes, it provides the extra cost of modernization and legalization of your project.  

The burn rate has to be very high. 

It lets you pick the times you're available (no late calls about a burned out light bulb).

How do we prepare ourselves enough and not get burned, since some people prey on newbie?. 

I know I funded over 2000 of them on the front end   LOLBest you can do Is get a construction loan from a local lender who allows you to build in an interest reserve.. but even then best I can get is 90% of cost... there are no zero equity deals unless you find a very hungry HML or one that did not get burned in 07 to 2011

Bring on Toilet Overflow calls at 2AM.Knowing I only learn after I get burned, we are incredibly interested in learning from your experiences!