A HELOC can help you get the cash as well.

@Lulu LueHUD has 2 online databases of lenders showing which ones have the most experience with 203k's. 

So you would need to have your PM reach out and have them deal with it.

Securing quotes for properties in flood zones can be challenging and time-consuming (especially if vacant), so it’s unlikely you could have done it quickly.

The bigger point is that if you use Walmart, Lowes or some other big box paint the base colors can and do change which will make touch-up difficult.

You get a Capitalization Rate (CAP Rate), which equals your annualized return by dividing the Net Operating Income (you had gross in your narrative) by the purchase price.

You can still find solid investment properties at reasonable prices, which can lead to strong cash flow.Diverse neighborhoods: Cleveland has a wide variety of neighborhoods, each with its own character and investment potential.

Which part of Italy? 

The demand for rental properties in these urban areas remains high, which bodes well for investors seeking consistent returns.3.

Would definitely recommend finding a partner who can help walk you through this if you decide to move ahead.