My ultimate goal is to purchase and develop land in the ever receding outer exurbs in my region.Here is a little about my world of late: Home Automation and Security technology is developing at breakneck speeds these days and staying on the cutting edge is a full time job, especially when it comes to understanding the vulnerabilities associated with these new technologies (think "Hackers"...they really, really, really do wreak havoc..no joke).

To get your basis, you should use the lesser of FMV or the adjusted basis.

Ideally, both but I really like single family homes and would like to move to markets such as Kansas city to get better cash flow and speed up my retirement. 

I'm asking for any experience and suggestions from any BP  members who have knowledge of a situation like this and what can I do to adjust my REI business model to deal with this.I didn't have flood insurance and hoping I get the FEMA grant that has been approved for the area.This is a very difficult time and thousands of people like me are doing everything we can to survive and come out of this in one piece. 

You'll have to figure your adjusted basis including a small amount of depreciation and untaken expenses and capitalized items.  

The appraisal took this into account subtracting 15K per sale for an average Adjusted Sale Price of:=$320,347Even though my property was listed as Superior Upgrades along with 3 of the comps.

The reasons wholesalers make money are essentially 1) speed to close, and 2) large deferred maintenance that precludes typical sales.

Most brokers have many more lenders on speed dial than you can feasibly get quotes from.  

First, have you asked your work if you can adjust your schedule so that you can attend these meetups? 

Thanks @Brent Coombs - I made adjustments as the deal was countered, and its looking more like a negative cash flow now.