I reached out to a local insurance broker, who came back with a quote that seemed very high to me ($3,800 yr), from a company called Foremost.

Hey Everyone - I’ve invested in FL and Brooklyn but want to add to my portfolio in a new market.

Unless you are getting a heck of a deal I would recommend avoiding a foundation issue property until you have a team of contractors that you can count on and can find out what the repairs would run. 

You're in a really great spot to add value to a developer and build your own portfolio along the way- best of luck!

I have a call with them tomorrow, but are they legit?

   I will be acquiring a loan to purchase a single family residence in South Carolina.

Building a solid investment profile takes time, but connecting with experienced investors is a great way to start.

Am I able to take out the original $50k and then roll over the $75k into a 1031 exchange without any tax implications?

It'll last a couple more years.

Sounds like you could have a good start house hacking or do a live in flip!