Quote from @Gabriel Williams: Been listening to BP for several years and I’m currently working on our 5th deal.

When doing a fix and flip loan, the appraisal will determine the current as is value as well as the ARV. 

I don't know if the current insurance company (loggerhead) where I have the open claims is willing to renew the policy or not.

Sympathize with them, and try to help them get out of their current situation.Have accurate numbersALWAYS have an accurate ARV(after repaired value) on a property, and ALWAYS have accurate repair costs.

Second, working with a local real estate professional who has experience and expertise in the Phoenix market can be helpful in navigating the current market conditions. 

I also kept my first home and it is paid off now and worth approximately $150k, with current renters. 

I just don't see it going down significantly more than the current state... but again who knows.. it's Dubai like you said

My name is Wes and I live about an hour north of Toronto, Ontario, Canada.Looking to get into real-estate investing with long term rentals, BRRR, and House hacking.Currently looking to also find other other local people to chat to about real-estate and how to get started in our currently price inflated Ontario market.Let me know if you're in my area!!

You don’t have a current model which is great.2.  

I am extremely familiar with the area, I know that it can rent long term, and it is perfect for my family's current needs.