The way I interpret the following policy clause is that so long as the property is defined as other than "VACANT" which is the case when the property is being "constructed, altered or repaired", the 30-day time period and vacant status does not apply in this instance: We do not insure any loss at your premises if your dwelling has been vacant for more than 30 consecutive days immediately before the loss and the declaration page indicates an occupancy other than “VACANT“.

So either you pay for the repair out of the idle cash in your account, file an insurance claim and use those funds, or rollover/transfer funds from another retirement account to cover the cost. 

If you’re not well-versed in lease agreements, security deposit rules, or eviction procedures, you could run into trouble.❌ Emotional Stress – Handling tenant issues (especially late payments or evictions) can be stressful, especially if you live in the same building.Hiring a Property Manager in ChicagoPros of Hiring a Property Manager✅ Less Stress & Time Commitment – A property manager handles everything from finding tenants to collecting rent and coordinating repairs.

During this renovation period would you, as the lender, want an Actual Cash Value or Full Repair Cost policy in place?

As a sole operator, you have all the policies and procedures in your head and can apply them to many properties without referring to a binder.

Hey Denny - For rehab costs, a good place to start is breaking things down room by room and getting rough estimates for common repairs like the roof, HVAC, kitchen, light cosmetics, etc.

I would like to be educated on behalf of the "lending" procedure if that's okay!  

Other than the repairs needed of course

Care for yard, repairs, and hot tub. 

Owners shop fees in the beginning, but once you're seasoned, you realize fees are usually about the same, and it's really process, procedure, culture, and communication that you're hiring.