These people will probably be renting apartment for a couple of years while they get their lives back on track, so maybe its a good time to buy multi-family homes in neighboring cities. 

@Patrick Buzzo  Is the property SFH or Multi?

I'm looking to use my VA loan here in Austin, TX to buy a single family or multi (preferably).

Good news of Multi family is the cash flow not only works better for you but for the loan too!

A buyer needs to have a really warm and fuzzy about the flooded house having been repaired correctly.Don't make the mistake of not getting a building permit either because that could come back to bite you because FEMA keeps track of whether or not houses were repaired with a permit and the risk is that they could declare it uninsurable by a future owner, in which case they could come back after you for it.  

@Matthew Ries In my opinion, location is more important in multi-family than sfrs.

Also, any CPA recommendations and/or tips on keeping track of expenses/documents?

In my area it's steep driveways, tuck under garages, small bedrooms and closets, 1 bath (and small), tight kitchens, steep stairs, 4 level splits, train tracks, etc

In the traditional lending world, there are renovation loans, multi-unit loans, and investment loans.

I am currently building my business plan for a multi-home development that I will use for vacation rentals.