Another way that I believe would be acceptable to the IRS is to use "rebuild value" for the improvements from your homeowner's insurance.  

Have you considered either having a MF built or doing knock-down rebuilds on some of the 80s ranches near downtown?

Only moving 2 walls, moving kitchen from one end of a room to the other, and rebuilding a deck, but other than those two items it is all just finishings.

@Brandon Leong my experience when getting insurance is my insurance broker tells me what the coverage is based on several factors that I give to get a quote (I've gotten quotes for SFR and quads):1-how far from fire hydrant and fire station (she figures this out for herself since I give her the address)2-roof age and here in Florida, wind mitigation3-age of property4-is it in a flood zone5-she does a minimum mandatory coverage amount and then I tell her how much more in $$$ I want covered. this is based on how much will it cost to rebuild.6-the rental loss is included so I don't need to ask about that - at least for me it is, not sure if others have to ask for it to be included.7-what type of electrical and plumbing are in the house if it's an older home.Perhaps talk to a insurance broker and tell them what you have and ask them for a quote.

Materials aren't cheap. 15k for the whole job isn't an unusual rate in Boston, I am sure he is making a fair profit.I'd be careful firing him at this stage of the rebuild, especially if he's performed according to the contract you both signed.

Still going strong but definitely something to keep an eye on.We might end up selling the triplex after rebuild since we will have a lot of equity in it at that point.

It's going to take time to rebuild a "low 500 credit score" up into the mid 700's which what you should be aiming for.

Does anyone have any idea on the extent of the cleanup/rebuilding costs?

The problem isn't when there is a total loss, but when you have to rebuild a portion of the home.

Determine the maximum amount you can come out of pocket, and make that your deductible.Replacement cost: insuring a property for its replacement value means that the limit for your policy is set at approximately what it would cost to rebuild the property in a total loss.