@Mindy Jensen Hi there- the “unanswered” screen in the forum has disappeared again.Also when using the app and needing to edit a post mid sentence, the Caps lock remains on and one must manually change each lettwr to lower case, and spell check no longer works.Thx

I used to use Geico for Umbrella but they have a cap on how many properties they will cover. 

It should still give you a cap rate, and cash on cash return which should be about the same.

It would be difficult to pay both a mortgage and my rent.

Is the $950k in line with cap rates of the building? 

Every investment property for sale in my area has a cap rate of 4% or less.

You can expect 40-50% of rent to go towards tax, insurance, operating and cap ex.

Pickens Hey Ben- If you could provide some details about the deal like property type, cost, cap rate, estimated renovation cost, rent, etc... can’t really answer your question without knowing any details.

I'm having an extremely difficult time finding current multi-family units in the area and may resort to this strategy if it's practical.Thank you in advance for any advice. 

We used to provide properties for our clients for  about 35- 40k with 25% net caps, now avg PP 63k, with 11- 15% net caps, Rent are in the 2% rule, some higher .