For example, if the insurance company declares the property a total loss, pays the homeowner the equity they are owed, does the insurance company then own the property sub to the bank financing, or would the insurance company also have to pay off the bank and own the property free and clear, and then sell it off similar to how a bank might with a REO?

I was wondering if I could be compensated for it since I do not want to hand it over for nothing?

I now have 4 units in total, and I'll be rehabbing that Jacksonville SFR (zip 32277) this weekend if you or anyone else would like to stop by and chat...Navy veterans or not. 

Brett also took afterward to walk the property and give a first-hand assessment.

. - No, we always require at least 15% of the purchase price from the borrower.We do require an appraisal and base the loan off of this independent analysis.LTC is a ratio of the money the borrower puts into the total project vs the lender. 90% means the lender ultimately lended 90% of the total project at funding and the borrower had to bring 10%. 

I do have $15000 in reserves total but that would include the condo and the two duplexes (well one under contract, the other agreed).

Would be interesting to know if they count towards the rooms total square footage. 

I, on the other hand, lost money on one deal and made three times more than he did on another that ended up burning down in a wildfire.

Total cost will be under $110,000 including purchase and rehab. 

Speaking with first hand experience, I moved from one location to another simply because of the prospect of better schools my kids could attend.