@Connor ChanterI'm not a CPA but based on your post as long as your mom is the owner of the house in Michigan she should qualify for the $500k capital gains exemption.

The asset has to qualify, it is typically not based on your personal qualifications.

Would need to know a bit more to say for sure, but be sure to ask about those benefits you might qualify for.

Owner of real property needs a loan, but does not qualify under institutional financing criteria2.

It's a pretty interesting concept if you qualify for it. 

Our mortgage was significantly higher than our flood insurance, and I don't know if we qualify to try to apply for FEMA or if there is other assistance, and if so, if we would apply as a business (we file it on our personal taxes as rental income).

Most lenders will want to see 2-3 projects completed in the last 3-4 years in order to qualify. 

They would be the ones to answer that question based on your credit, income, debts, if you qualify for down payment assistance, etc.A second point, is that if you find a house within your means and don’t overextend yourself, you will likely come out on top in terms of housing costs compared to renting in the long run. 

What makes Baselane stand out is its ability to help you qualify for refinancing or new loans.

I'm Val, I'm a full-time therapist, part-time photographer and everyday creative looking to translate my skill set into house flipping and landlording.