He estimated the cost for development of a 3 bedroom 2 bathroom to be $175K and homes this size were averaging $200K at the time, implying a $25K profit per lot or $75K in profit for the three lots.With so many strategies to make money, I felt confident about the purchase and I acquired the property in May 2015 for $45K in cash.

So the implied difference is leverage..

They're also not going to turn you into a gajillionaire overnight (as is heavily implied by some of the folks who sell the policies).I also interviewed Richard Wilson of the Family Office Club & Billionaires.com last night and asked him about this exact topic.

This flood insurance is not cheapThis implies that the insurance companies will not have a large outlay.  

It implies you did the GC work for free.  

This does not imply that you cannot achieve a good return.  

I already own and run a plumbing company here full time, am a personal trainer, and oversee our other properties (oversee the management companies.) 

Who's your dog trainer Brandon?

IMO this implies no one knows, but safe approach is to have reserves that can handle any contingency.   

@Michael Dumler the issue I have with this is it would imply that I could go sell my property without a CO, not disclose anything, and completely wipe my hands free of it with no worry of buyer recourse.