It's actually rarely even used. 

In general, you should expect that the combined amount of what the insurance paid you already and what they'll pay once you prove that you had the work done should be in the ballpark of what the repair costs...

., I appreciate your conservative approach.15% combined (7.5% each) for repairs and CapEx is probably enough.I haven't talked with a HML lately, but I was seeing rates of 12% and 2 points.How much can you push on the purchase price?

This is rare and not recommended for partnerships.Normally, it is what @Kory Reynolds described.

Do you use one method that is perfected, or do you use a combination of a couple different strategies?

The combination is scary. 

But Baltimore for sure is the highest cash flow I work with, and I'm with turnkeys and BRRRRkeys (combines the BRRRR and turnkey methods- they company still does the work but you keep the forced appreciation from the rehab, catch is you're financing the work upfront before you cash-out refi it).

It's rare to see a landlord *want* to have all their leases end on the same day.

I suggest 15% combined.

Also, I’d recommend targeting one town so you can build a list of contractors to help you out, instead of 10 small towns and needing to find 10 contractors for each type of job.Also, being a good non-slumlord in these small towns is rare and if done right you’ll gain a lot of respect in the community.