If anyone is wondering why I have to borrow the full $500k it is because we were underinsured due to a combination of my lack of experience with commercial property and our insurance broker not properly advising us on what the policy amount should be.

Are there any qualifications that they do need, such as being licensed in the city, or having insurance?

A quick question on entity structure and insurance: As I'm planning on investing in multiple properties over the long-term, I'm considering forming a series LLC in Texas, which has several benefits in terms of administrative cost reduction (relative to having an LLC per property).  

@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.

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.

If the ARV's pan out on these and we are able to proceed with renovations, we may be able to bring the team to turn around that whole neighborhood over time.May I give you a call?