I would do the financing and my family member would self manage at the property and get a cut of the cash flow, this to me is a low money down option and also not very time consuming as I would not be the boots on the ground.  

http://www.1031exchangeresource.com/1031-exchange-tax-cut/

My hopes would be if we can both proceed without an agent, we can cut additional costs out of the equation. 2) If we decided to proceed, what is the next order of operations?

Is getting on a wholesaler's buyer list a good way to go as this cuts out a lot of time and hard work as to finding the great deals?

@Justin FoxIf you got 5.5' of flood water I recommend you go ahead and cut another 2' of sheet rock.  

Flashing money in my face doesn't cut it. 

I just need to know if the numbers are good enough to fix and flip and pay the hard money lender their cut

I have a unit with a Baxi's Luna 310fi combination boiler and hot water heater, tenant report that hit water cut off often during shower.

I would cut price immediately, advertise more widely, post fliers on campus, and install a stackable washer/dryer combo.

If there is significant damage typically the insurance company does not cut a check until after the repairs are done - so in most instances if the house had $50k in damage the insurance company does not cut them a check without confirming the repairs were done.