Due to higher taxes and home insurance rates, our cash flow has literally been cut in half.

In the meantime I read every book I could find on commercial real estate; attended every commercial real estate meeting in the Houston area, and spoke to numerous commercial brokers.

Insurance payout rates are, by law, very rich, and pay significantly more than you would probably pay under normal circumstances.Before you hire the roofer, I'd ask if they think they can cover your deductible. 

Follow the rules, stay close to market rate, and move on.

The rate on my mortgage is amazing (low 3'%) and have no plans to lose that.

At that point, it's worth researching and finding a solution that better meets your needs.

My question is, since there is flexibility with the building itself, what would be best loan option to go with that would work for this property in terms of best rates, lowest down payment? 

I asked my mom to see what they want  for the house, I have a hunch that it's payed off and they just want to offload it, they mentioned doing a quick close .. the ARV is about $220k and she's kept up with maintaining the property.I'D buy it with hard money, fix a few things while she pays me rent (the hard money interest rate)  and do a cash out refinance in 6 months.Do you think that's a good strategy?  

My advise is to start with single family or a small multi-family ground up project first but this market environment is truthfully not the time to be completing any ground up projects unless you are self performing the construction which it doesn't appear you are in a position to do.There was a recent Philadelphia  forum chain started by someone else who was contemplating ground up in a similar fashion to what you are proposing and I cautioned they would be better off buying something that was newly built and believe after conducting their own diligence realized it was too cost prohibitive at this time to build with 3rd party GC's in Philadelphia when also accounting for the interest rate environment and cost to build.

Was considering doing a HELOC or cash out refi to move on to my next property.Any credit unions or lenders with good rate that anyone can suggest in south florida?