@Alfred Dublin I'm not saying you shouldn't call around, just be aware that no lender can/will really engage with you until there's an actual deal on the table.

How to prove that the water actually entered through the foundation crack?

Sometimes the first action is not actually the action of buying, it's the action of research and formulating a plan.

This approach actually seems very easy and streamlined. 

I contacted a few people who actually invested previously.

I understand the potential value to convert but would like to use an outstanding calculator to actually show the value of different conversion options and investment percentages.  

Be careful asking questions as well meaning contact your actual agent if you have one rather than a claims center because the actual insurance company could record things as a loss even if they aren't paying a claim.

Given that you mention "wholesaler" in your post title, are you looking to get deals under contract and then "wholesale" them to the actual investor?

Now the issues:- at that rent point, $725 unit, the 50% rule likely is not enough to cover actual expenses- that rent point, $725/unit, reflects poor historical rent grow.  

Is it for you to vacation (you want to actually visit there & stay) or is it an investment property?