Yes, there are some great buys in that area, but to me, the risk/reward ratio is too high.Start driving south from Joppa Rd on Harford Rd and to me, the whole tenor of the neighborhoods change at around Moravia Rd. and certainly by the time you get to Argonne Dr. 

If so, what can I do to protect/risk mitigate fire/safety issues? 

I know this sounds crazy but very large banks, specifically ones that are publicly traded want to limit their risk. 

In all my years of management, I've always got the money back but it's still a risk.

We accept the risk that we might go broke.

I have since found a better deal, a little more expensive but less risk. :)

I personally love it, gotta take the risk and even better that it found you :)Like you said you can only fail if you give up... keep at it man and I too am looking forward to some pictures along the way!

Flood risks are mapped out by FEMA and Flood Insurance is provided by the Gov't (National Flood Ins.) and recently by private Insurance companies. 

When you manage a lot of properties and a lot of people its a huge risk.

All Risks has been the best one I've worked with but REI Guard also works.