for my personal use and upcoming reconstruction.

(Still awaiting Seller to confirm report it’s been done as she agreed to the inspectors recommendation but has mentioned she’s not replacing it) In additional to the foundation has shifted and need reconstructed due to a lot of slopping in the home (My agent said it comes with wear and tear, so they might argue that their not going to fix it so I didn’t put it on the IRSA to repair).

@Michele RichardChicago neighborhoods and suburbs are ideal for rental properties and Building Reconstruction Redevelopment (BRRRRR) due to proximity to major development projects, affordable multi-family units, and strong rental demand.

While insurance might cover the reconstruction of your property, the community's recovery could take years or, in some cases, never occur.

Material Participation in a Real Estate Trade or Business.This is pretty straightforward but you must materially participate in a real property trade or business, such as development, redevelopment, construction, reconstruction, acquisition, conversion, rental, operation, management, leasing, or brokerage.2.

So thats why you saw re construction in MS and LA go gang busters .. 

People are forced to relocate due to the loss of both homes and essential services.While insurance should cover the reconstruction of your property, until the community recovers, there is no reason for people to move back and rent your property.

Go look at the BP sheet and reconstruct it yourself.

ARV = $230kPurchase = $65kRepair = $60k - $100k depending on if it has to be reconstructed to meet code. 

I've never worked directly for or with a contracting company, but have been involved in multiple reconstruction/rehab projects.