flood zoned duplexes

[Launders Wince]

Does anyone here have experience buying and holding this type of property in a flood zone. All these properties will require a total gut re-hab including new water heaters and a/c units. So the homes are primarily a shell of a home that has already had all the dry wall removed. What are the potential downfalls of owning this type of property and how do I protect the investment correctly if I use an LLC to purchase each vessel?