@Jeremy Brown,Does he have any insurance that can help keep his rent current while he's laid up?

Despite my plans on getting the house insured fully as well, regardless.We were going to take this project on as it was a location my fiancé and I liked to live in and we liked the two houses if it was not in disarray lol, as well as the one acre of land. 

I just moved back into our River property and our Flood Insurance has tripled to over $3000 a year.

Since you are not as concerned about spread for a fix and flip you really just need to focus that your market is either stable or in an upswing, obviously the latter is better. 

I would pass just on that basis but make sure your expenses are realistic before you do that: taxes look high, vacancy looks high, insurance looks a little low, and property management looks high.  

I'm lookin for someone licensed and insured for a complete rehab in Evansville- if everything goes well with this house there I'll be more work for them down the road.

Check license, check references, check insurance (From the insurance company directly), don't hire the lowest bidder, don't hire the contractor recommended by the wholesaler.

Are you required to carry rental insurance? 

Then use that as your roadmap to determine where and what you buy, and what properties will meet your return requirements.Investing for cash flow in prudent stable markets is probably the best thing you can do as a real estate investor.Continued success!

I have insured many investors who started this way and have grown a sizable portfolio of properties.