Buy good quality, brick buildings that you literally can't make the economics work on if you wanted to reconstruct it. 

Tenant is a general surgeon who was completing a fellowship at one of the best hospitals in the country and had great credit.  

Apparently, they have demolished part of the neighborhood and reconstructed few row houses from ground up in 1985.

He is a heart surgeon with an annual income of $650,000.

If you don't have this coverage with your carrier, then unfortunately, they likely won't pay for your loss of rental income over the course of reconstruction. 

Whenever a major reconstruction goes on the assessed value goes up.

A: Coverage A is not based on the market value of the property, but on the estimated reconstruction cost of the main dwelling structure should it be destroyed by an event covered in your policy (assuming your coverage is for “replacement cost”).

The reconstruction loan through ASB is a "one stop shop" so to speak.

Then couldn't believe that my Lakehouse neighbor, a surgeon, came over to help, because he loves to dabble in real estate & learning something new.

The property is "in town" so to speak so utilities are near the building site.Clinton, IA has a number of good economic trends going on with a land based Casino, a new Purina plant and some positive downtown reconstruction.