There are many variables that were not in your post that we would need to know to point you in the right direction.

To determine price range, the first step is always figuring our how much you are pre-approved for; and that can vary significantly when you are looking at multi-unit properties because of the additional variable of rental income that can be included in qualifying.

When you say "open rate" mortgage, we would say "variable rate" and the rate would reset periodically based on some standard index.

Those that choose and can rebuild, will most likely not build back to the extent or scale due to feasibility or costs or unanticipated new zoning, infrastructure, insurance and legal variables.

I'm not sure I can copy and paste my Excel spreadsheet, so i will approximate the numbers here.Strategy:Take a Home Equity Loan (second) on our primary @ 5%.Pay off existing HELOC (variable, at 7.5% now), use remainder ($120k) to buy the land (plus 30k of our own cash).

As it relates to habitation exposures, it appears that there may be a leveling off in premiums, rates, and deductibles here recently, but there's so many different variables that it's really hard to make a blanket prediction for 2025 (or the future). 

@Mordechai ChaimovitzGreat points made above along with what @Daniel C. said referencing @Tom Shallcross's post on another thread.The context and variables for each individual investor will vary but many people are comfortable with getting a 2-4 unit that will reduce their out of pocket expense compared to their previous rent with the intent to do rehab and raise rents over time.

I have found enough business and made enough money not to need to expand outside of this market.Section 8 is a whole different ball game but I find the program is unique in that it's a 3-party relationship adding the variable of a government agency.

If not, then I'd explore a line of credit, but that will also be a full doc qualification and you'd still have that variable interest rate.

Based on your age & needs, you could consider a variable annuity (stock market) vs a fixed or deferred annuity (more like a long term CD).