I would add a suggestion to work with a NAR certified international buyers representative and a licensed realtor in the state of Quintana Roo, ask the agent to send you his license unfortunately very few brokers here are licensed.

Whoever is teaching this should have their license revoked... up there with some of the worst counselling I've ever heard.

However, it's essential to fully comprehend the terms and conditions and carefully estimate cash flow, factoring in potential market fluctuations.FHA Loan and Work History:Waiting for another year to establish a two-year work history for better FHA loan approval terms is a patient strategy.

They can definitely tell you what you need to know legally and licensing wise in NJ/NY as there are some restrictions in certain states and I think NJ is one of them. 

Or that the remodel wasn't performed by a licensed professional. 

If you're wanting a Conventional loan, make sure the lenders you're talking to have an NMLS license.

The risk in lifting these houses is there's not a clearly established market for flood damaged homes that have been elevated.

Also father/son dynamics at an age where the son is trying to establish his independence is trying on both of us.I did not push son in direction of RE, he considered various options and chose RE. 

Now it’s probably the Midwest,But my the time you get to the Midwest and establish a footprint and “street credibility” with the brokers and sellers another market may be strong.If you are going to invest out of area, you will need to spend “face to face” “boots on the ground time” there.

For illustration purposes, the investor with engineering and/or construction background may excel building in a market where there is ease in doing business and can build efficiently whereas the doctor may have greater success in the established market where significant barriers already exist but can afford the entry price and can ride the waive of continued appreciation and offset their high salary by depreciating the expensive building they acquired.