I was actually thinking about that after I posted.

Meaning, if you take the money only, you would have depreciation recapture from your cost basis up to the original purchase price of the building (not including the land cost because it wasn't depreciable), plus a capital gain up to the insurance proceeds.Hope this makes sense. 

I actually joined Chad Griffith industrial group.

It's probably not going to end well for that landlord.We actually had this happen to us twice last year (at the same time, in 2 different units)!

Hard Money then refinance traditional residential after renovated.

I would actually recommend using the agent finder for the market your looking to get started in to find you an agent that specializes in out-of-state investors in your chosen market.

One way to save some money, especially if you are local is to split the job. 

The more money you make, the more they make.

I see you are located in Royal Oak, that is the area we've actually been looking at as I'll be based in Warren at the Arsenal. 

Quote from @Charles Evans: You are actually behind the 8-ball on this.