As others have stated, the people who do it successfully are very actively managed, and by active-- let me give you a hint, that means they will probably be late on a normal basis, so you'll need to be posting 5-day pay or quits, and filing for evictions with the courts-- now if it's a good tenant, it will pay before the court date, but that stuff isn't in your spreadsheets, is it?  

I normally do Amazon sales and i decided to invenst money I made on Amazon into this business.

Due to low rents and high sales prices, 2-3-4 plex normally doesn't work great for house hack around DFW. 

If you get to the permitting stage I have a really good expeditor that gets plans approved quicker than normal.

But I guess hotels don't normally have an issue- well most of the time.

If they appeal then it will normally take another 7 - 14 days.

I did not know if there was a typical elevation above BFE that people want or is normal for the area?

Just do normal underwriting and beef up the inspections during due diligence?

You probably need a few dozen “normal” deals with the usual contingencies before jumping in the savage ocean with the sharks IMO.

This would be zero issue in Indianapolis and tons of normal conservative old school banks or credit unions would lend on this 75% of as is value and 75% of additional construction cost as long as not more than 75% after repair ARV.