The only risk is if the company goes bankrupt (which in case I would then start self-managing), and the only costs I'll have to cover are potential structural damages (which would most likely be covered by insurance).Another plus side of having invested all cash, is that I will have potential access to lines of credit both for home equity (up to 70% of home equity), AND for future guaranteed rents (up to 60% of total 10 year rent roll).Already planning on the next property using the same strategy, but this time with traditional financing (looking for 100% mortgage).

As experienced investors, would you proceed knowing that the cash flow is there, but without the desired Cash on Cash return?  

I did not have Flood Insurance, foolishly thinking my hurricane policy would cover this type of hurricane related damage (learned my lesson) I'm looking at expensive repairs and possibly a home that my tenant can no longer stay in (they evacuated for the storm as did I) which would be a loss of rental income for the foreseeable future, on top of uninsured repairs.

Obviously the wild card is how widespread is the FEMA support going to be for those without flood insurance.  

We are fully licensed, bonded and insured and we specialize in helping investors with their projects. 

Do I proceed as I would for any other properties when I send a letter?

@Michael Watts some title companies will insure title with 3 years of rental history but no quiet title.

However, the seller's divorce decree clearly states that the property cannot be encumbered and the seller cannot be forced to used the proceeds from selling her house to pay the judgement. 

The President’s declaration allows HUD to offer foreclosure relief and other assistance to certain families living in this county.HUD is: Granting immediate foreclosure relief – HUD granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages; Making mortgage insurance available – HUD's Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home.

An average single family house goes for $65K brings in rent of about $1,200, taxes $2,000, insurance another $600.