Depending on the extent of damage it could range from a light cleaning to "bulldoze and rebuild." 

Yea I saw something mentioned about a rebuild permit in the event that the property is damaged.

Needs new siding, rebuild of two front porches, new roof, and replace/repair most exterior trim. 

Would I want to re-build the bathrooms only to have a restaurant come in willing to pay to have them moved somewhere else?

On that note, given the two options you stated about the VA loan property (sell it or rebuild it), looks like you will be "freeing" up your VA at that point in time. 

Don’t sweat the “lost†stuff.Lesson #3 – Rebuild your assets one property at a time.After the divorce and property settlement, I had fewer properties and more debt.

Doesnt sound like youre looking to rebuild anything at this point.

I can afford the bill, but it's ridiculous: the coverage is for more than double the rebuild cost, I can't shop around because I've already pre-paid, and the bill is retroactive to the closing date.

It is a stop gap that prevents greater harm, but does very little to help rebuild this great nation.

Renovations will gut the entire fourplex and rebuild practically everything.