Lots of absolute nightmares come out of sub to when folks get into title but dont have the money to pay the loan off or the ability to refi.

Quote from @Dennis Bragg: Hey @Van Lam, I’ve actually seen a few folks in Gainesville work through a similar scenario.

I spoke to few folks and other option is that I take the insurance settlement and not rebuild and try to sell the house as-is.

Welcome to Bigger Pockets and love see local folks getting into real estate investing!

Quote from @Bob Avery: Hey folks! 

Be sure your lender is comfortable with this, as many fear giving folks primary loans for properties they view as having a high probability of being turned into a purely investment.

Happy to connect with you and suggest some folks to reach out to Miami. 

Mind you, with mortgage interest rates in the US being so much higher now (and seemingly for the foreseeable future), I wouldn't be surprised if LTRs in Europe would cash flow better than in the whole US nowadays (to be verified).This being said, I don't and would never invest in LT rentals outside of North America  as I wouldn't want to face unfavourable landlord/tenant laws as a foreigner.

I love hearing stories like this about folks redeveloping depressed neighborhoods in big cities.

If those earnings didn't stay the same or increase, that could leave the lenders with folks that go bankrupt trying to pay for a property they can't make perform like you did.