It's generally a useful tool for an investor who is estate planning and has a step-up in basis event on the horizon and can liquidate out of the REIT easier than out of the traditionally held property. 

I finally have some time to visit Indy this weekend (10/26-10/29) and would love to attend any local real estate events while I’m there.

I would suggest once you move back to the US try to attend real estate networking events where you will be able to network with all types of real estate investors from newbies to experienced investors.

For example, you can have a large capex event like $20k roof replacement, but you can’t necessarily deduct it in a single year.

Network = Forums/FB/Meetup groups/1:1 coffeeCheck out Meetups here on BP website = https://www.biggerpockets.com/forums/521-real-estate-events-...3.

I feel in the event of a law suit, it will ultimately come down to whatever the judge/jury decides...again...subjective. 

At the end of the day your objective is to prevent liability events from occurring and if they do, to be prepared.  

To find the right real estate investor group, search for meetup platforms, REIA (Real Estate Investor Association) groups, local brokerages, and LinkedIn events.

I am stating it to provide something to ponder and an explanation why it may appear people are ignoring the data.If owners of property impacted by climate events are heavily bailed out by FEMA and other sources, then what is the risk?

I suggest checking out some of the local Chicago meetups:  https://www.biggerpockets.com/forums/521-real-estate-events-...I'd also recommend setting up some coffee meetings with some of the TOP TALENT in Chicago: agents like @Jake Fugman & @John Warren and property managers like @Mark Ainley & @Krystyna Schexnayder and lenders like @Jose Valdovinos & @Zack Karp.