Another option is you could get a construction/bridge loan.My sense is thebuilder wants money upfront and insurance is saying no - which is typical in commercial deals where contractor does not get paid until work is done - none of this upfront stuff except for some mobilization costs.

But no. 

Hit me with your best advice, and feel free to ask – there's no such thing as a dumb question when you're starting out!

Also check your states Security deposit laws.

Let’s say the owner wants $200,000 for the property, but it’s worth only 180k, however he insists on $200k with no takers.  

Insurance premiums aside, how do you feel about investing in NO generally? 

Flipping here in the bay area is no easy task, and I am glad you have your buy box figured out.

Also, if you no longer attend LIVE meetings, do you miss the interaction? 

If you have no plans to move back, I'd sell and then decide what to do with the money. 

@Andrew Borner Regarding your question, no I would not buy expensive investor toolkits from gurus if you're just starting to learn about land investing.