Probably only about 10K worth but put it at 20 for good measure.

Hit singles, don't swing for the fences.That said, we aim for at least 10% COC and 20% IRR over 5 years on things we hold.

I'm not new to the flipping business, just to the flood zone issue, but as mentioned more than once in the BP forums and podcast, I prefer aiming at cheaper houses in premium areas that have some obsolescence that most people would run away from and build myself as an expert in that domain.Knowing what I wrote above, do you still think that option 3 is a NO-GO?

If you are a risk taker who can make decisions on the fly with basic information, then the learning curve isn't that great.On the other hand if you are a planner who makes a plan and then a plan for the plan and then another plan just for good measure. 

My letters are more personalized and aimed towards mom and pop owned deals around 20-30 units.My question is though, how are you getting their contact info? 

For me, aiming more for cash flow, it seems tough to find the right deal (at least with my limited research).

Their criteria of the best is: Rising property prices and historical appreciation in market valuesAffordable rental property can help keep your cash flow high and your equity growing, generating more profits over the long termPopulation growth that creates a consistent and predictable demand for housingEmployment gains and job market growth give residents and businesses a reason to choose one state over anotherHigh rental occupancy rates measure how much of the housing supply in a real estate market is vacantGrowing share of renter-occupied households indicate how attractive a housing market is for renters, due to factors such as housing affordability and lifestyle choices to rent rather than own, along with potential for future growthStates with low property taxes help keep the cost of living low and net cash flow from investment property highThey caveat their analysis however by stating at the end that every state has an area where real estate is good. 20 Best States

I am also still trying to figure out appropriate COVID measures.

I am also still trying to figure out appropriate COVID measures.

As Todd mentioned, maybe present the precautions and measures the home inspector plans to take when inspecting the home.