So I get a fix and flip loan from a hard money lender that covers the purchase price plus usually around 1/2 of the renovation cost.

It will be right in the paperwork you sign and doing it anyway may mean your not covered if the place burns down !

The sellers offered to submit an insurance claim for the stolen ac units and take that $ to cover the difference between our new price & her mortgage payoff.  

I know this isn’t exactly what you’re asking about, but I had a prospect in Philly who said their employer, Home Depot, would cover the security deposit.

However, this is subject to change depending on which market you operate in.

Since I don't have a lot to put down, I would like to partner and use hard money to cover purchasing and the reno cost.I wanted to know from those who have experience with flipping homes and partnering some of the pros and cons of utilizing these options.

rent ready- monthly rents for similar properties $1650Can I do a Subject 2/lease option?

@Gulliver R. you can seller finance right now, subject to the rules of DF/SAFE. 

Other one built in 1949, Allstate agent initially wrote but when assessor went to see it, he didn't even assess due to property's age and they declined to write the policy.I live in NJ and have 2 more rentals in VA so essentially I have 4 properties (including that 1956 built Baltimore), autos and umbrella (requires all covered properties to be insured with Allstate) all with Allstate so trying to see if anyone has their pre-1950 property with Allstate (which happens to be cheapest overall everytime I try to price shop).If anyone has any other insurance company they can recommend for multi-state situation like me then that will be appreciated.

Torrance currently has zoning code that covers accessory dwelling units (ADUs) that I would like to take advantage of to permit the rec room as a dwelling so that I can live in it and rent out the main house.