Your property may be in a flood zone/area but be at a higher spot elevation that takes it out of that area, only a spot elevation survey can determine that. :)

I don't have flood insurance on any property, elevation is something I always look at, just part of due diligence from being around rivers and lakes.

I run high level preliminary numbers based on my cost per square foot to build taking into considerations any difficulties or additional work the lot requires i.e underground parking, steel podium, elevator, ledge, etc.

But, I am hearing rumors about FEMA requiring people to raise the house to a certain elevation before they are allowed to renovate.

I can't speak for the norm in Ocean City, but here you have two separate expenses: 1) Your HOA fee which covers utilities, building insurance, maintenance of the pools/elevators/etc; and 2) Your management fee. 

I have been researching my local market and what I have found is property prices seem elevated and good properties are typically in contract within a day or two after hitting the MLS.

Are the units near the elevator or garbage shute - things that another owner (or renter) would find bothersome. 

So when the motivated sellers call, have your elevator pitch leaning towards owner financing ready, "What if instead of buying it outright i could put X dollars in your pocket each month without any of the hassle of being a landlord, etc etc."

Overall, Ring Security has truly elevated my home security experience, and I highly recommend it to anyone seeking top-notch protection services.

But when you start, it's always a good idea.Here is my elevator script for buying apartments:I am an investor in the Knoxville, TN area and I am looking to purchase apartment buildings in your market.