And, not confident of the earnings/industry in the area to feel good about LTR. 

You have to weigh the benefit of the insurance claim payment versus potentially having your carrier cancel you and perhaps get black-balled by the insurance industry.

For 20 years I have been in the oil & gas drilling industry.  3 years ago, I became a drilling consultant and started my own business.  

Wishing you luck as you learn and grow in this industry!

As a licensed Real Estate Broker in Maine, I managed the acquisition and renovation of 1272 Lakins Rd, Etna, leveraging my expertise and industry knowledge.

The best way to connect and learn is to be in rooms where it's going down.In terms of captial your best bet is to focus on a primary income that cash flow sufficiently, saving as much as you can and doing something real estate related so you can get familiar with the industry.

I am completely new in this industry but I am wondering how hard money and private investing works for flipping.

Within the Industry.

I would recommend just reading up more on both industries and make a decision from there.

Those who excel are generally focused on specific asset types whether it be Restaurant/Hospitality; Office, Industrial etc.