Being in a humid environment, mold is at the forefront of your mind and I'd want to know my family was safe if I were buying a flooded home. 

By purchasing a home and completing a rehab can provide a better environment than the apartment options they may have and still make a nice return. 

The Great Depression was a deflationary environment and gold went up.

Cheaper, easier, faster, cleaner (carpet is NASTY), and better for the environment.

The next environment will have it's own twists, but will still offer opportunity.

Of course, in a depreciating environment, that leverage would work against you.

You really have 2 options here if you want to buy something in a competitive environment.1.

Being prepared and pro-active as a buyer is the best approach to have an opportunity to get the property you are targeting in this competitive environment.  

HELOCs are a great product and I use them for acquisitions and rehabs, but I think you should ALWAYS do a cash out refinance using a conventional or portfolio loan (at least in the current lending/interest rate environment)- HELOCs are typically variable interest rate - are rates currently trending up or down?

For starters, we have great respect for our elders and know how to provide an environment that is comfortable for them.