I read that my credit is going to take a bit of hit temporarily due to the new mortgage and I know that I will have to take out a loan to start flipping.

Plus, with no skin-in-the-game from you on this deal, why wouldn't you walk away the first time stuff hits the fan (it's real estate, stuff happens).  

You'll now have a bunch of hits on your credit history as all of these various banks due their checks on you.

Some folks will go into a deal with an expected ARV, make downgrades to the renovation and still expect to hit the same ARV...then find out at the refi that the appraisal has come in lower;  the lower appraisal naturally impacts the refi loan amount.Of course, not all changes will impact value equally; and in today's market, the appreciation may help you in the meantime.Andy

The driveway is tight and I am guessing the previous tenants hit the track/wall and knocked it out of whack. 

Hi,I was looking at a property that I was interested in seeing this weekend in northern Calvert County MD close to Dunkirk and Owing MD.

Please feel free to hit me up with any questions and I'll do my best to help you out. 

I say go for it and put some elbow grease in and wait atleast the two years so that way you wont get hit with capital gains tax!

(Now after re-reading your post and seeing you will be living in one of the units I think all of the major carriers would be fine with it after it hits their underwriting dept.Now if the whole building was stripped down to the studs that would be a different story - you'd need to have them underwrite a different sort of policy that could be converted to a non owner occupy later on, once renovations are completed.You could try a handful of the large independent agents in the area - I'm sure they would have a company they can write with.

Before the internet I could look at satellite photos and tell you where the rain and waves were going to hit.