The rules aren’t often enforced, but I’d be more worried about getting caught up in a lawsuit with no errors and omissions insurance protection personally.

Let's say ARV is $300k, and sale costs are combined 8% so $276k net sale, that puts you at 80% of the total cost, it gives you a ton of margin for errors and mistakes that I would almost promise you will happen in a project like this. 

It's hard to watch the flood damage in the news because my wife and I have visited numerous times.

Reporting is terrible and full of errors, so if there is an issue, you won't find out til it's too late.

You could read 100 books and still need to learn more because certain things must be learned through trial and error.

At the time of my purchase I was swayed by my realtor and his affiliated PM business despite  numerous higher ups at my employer trying convince me otherwise.

Anything too much has larger room for error on your first property since you are new to real estate and learning how to work with contractors and tenants. 

There are numerous packages available.

There are numerous ways to do it. 

Treat it as you would a processing error from a valued vendor and u are in a good spot.