After you get all the water out of the house, your top priority will be drying everything out quickly. 

Sit on it until you get all of it and then buy more SFRs, use it for down payments, dry powder for opportunities that may come along, diversify your portfolio? 

Try dry erase board paint.

He said they may sag or start to rot after they dry... hard to tell without an experienced framer looking at it.We are hiring a plumbing inspector to come out today to run a camera through the sewer line to check for cracks.

Of course, real estate investing is not as cut and dried as this article would make it appear.

They should also reimburse you for any emergency water damage repairs like carpet drying from the likes of servpro or local water clean up professionals.

The "carry trade" is sexy until it destroys your balance sheet.Short term, high value add deals that you can refi would be my strategy although in most cases  I wouldn't risk my home to do it.If you can live with a permanently higher payment then do a cash out refi and keep your powder dry for the opportunity with solid yield.If I sound like I'm speaking martian right now then don't move forward!

My build permit checklist has no sign off on from the inspector for the footings and stem walls.

So the MLS is a bit dry and very competitive.

Stick to your conservative investment strategy, build up your dry powder and aggressively invest during the inevitable downturn (when that happens, I don't know...lol).