Buy a small piece of land (1-3 acres) n a mid-sized WC city for $100-250k and develop a small 2-6 unit multifamily structure (would have to take out an additional construction loan) 5.

Is the property structure sound?

The repairs you are going to need is what's behind the interior, and probably what that new interior is hiding....and, it will be very expensive. 

This can get complicated especially if the assets are in the partnership structure and step up is not done correctly. 

While I don't wholesale, you are probably going to need to put up some sort of EMD. 

@Pedro MoraisIt depends on the ownership structure of the LLC.sIf you are the owner of both LLC's, you can't directly make a contribution/distribution from one LLC to another.You can create a loan agreement between one LLC to another.The alternative is for one LLC(with the surplus) to make a distribution to its owner(you) and then make a contribution to the other LLC.If one LLC does own the other LLC, then yes, you can make contributions/distributions between eachother.

Be sure to get a good real estate attorney to handle the structure of the agreement for you. 

What is the minimum amount of coverage for dwelling, structures, personal property, fair rental value, personal liability (each occurrence), and medical payment to others?

Nothing structural wrong with it.

Granted, I'm having to speak for EVERY SINGLE LOAN here...which is somewhat impossible...but every single loan that I have seen is structured so that it is in your company name.