The advantage to your strategy is that one could argue that in five years the majority of the reconstruction will be behind us and theoretically there could be more trade labor available at that time. 

I'm not sure if Indiana offers a non-NFIP insurance option or not but if they are like Ohio than NFIP is your only option... however not all agents understand how NFIP works or how to give you coverage options.If your main goal is checking the box for flood insurance at the lowest possible cost I would suggest asking the bank what is the least amount of coverage  and what is the maximum deductible they will accept - then get an agent to quote it that way.I'm NOT saying this is a good idea to insure your property this way - you really need to investigate the risk and talk with your agent on what your level of risk tolerance is.Many agents will try and quote it at the full reconstruction cost amount like it's an owner occupied property.

Develops or redevelops it.Constructs or reconstructs it.Acquires it.Converts it.Rents or leases it.Operates or manages it.Brokers it.Keep in mind, the RE pro text must be met for EACH property, unless you elect to aggregate them all as one activity.

I bought my house a couple years ago as a forclosure with a reconstruction loan, atm considering equity it has had a great roi.Hopefully it will sell at a nice profit in a few years, I would consider it an investment.Was also a good learning experience and trial run, a different type of investment so to speak.

I had a similar deal and had to go back to the original purchase that started the mess and reconstruct everything and when all was said and done, none of the supposed heirs had a legal interest.

Plastic surgeon has a plumbing issue in his house and calls a plumber for help.

If it's a big job (e.g. inside the walls), some people will charge you, and depending upon where the bees are, reconstruction may be needed.My wife and I answered a swarm call once where a huge hive was found inside the walls of a church.

Good thoughts Dion.While our OP was asking a good question about seeking information, you were right, many don't put enough effort in to asking a question and the answer has usually already been given here on BP.Dion, Aside from that, I have always been interested in performing brain surgery, I understand there is some really good money in being a surgeon, where should I start without using my money?

Better might be something that pays the bills but exposes you to RE (construction, office work for a company in the field).At some level assume that a sales job might be great training for life but a real negative for credit.

Asking about the different types of REI there are is like asking someone in the medical field about all the different types of specialists there are out there.There are heart doctors, heart surgeons, feet doctors, eye docs, ENT, radiology, neuro, blood, trauma, pediatricians, etc...See what I mean.