Hey Rachel,I can't help you because of the location but you're going to have an extremely tough time finding insurance for that type of risk. 

How did you find this deal and how did you negotiate it?

You can also check meetup.com or search Facebook for real estate investment groups, clubs, or meetings in your area.

At a minimum,  you should understand what the current zoning is and what restrictions there are.As the post above mentioned reaching out or going in person to speak with the planning and zoning department will be very helpful. 

When you do a 1031 exchange you are selling investment property and you must buy investment property. 

Purchase price: $640,000 Cash invested: $640,000 Investing in Condo properties in Broward County, FL What made you interested in investing in this type of deal?

can you comment on this a little bit more I'd be interested to learn.

Or a $1 Ribeye steak at Albertsons, then you tip the cashier.

While the Agent mention that the seller would prefer no assignment, to which I acknowledged. 

You won't get a better deal until rates go down further.