My daily job in the Air Force is Cyber Security, which is fun and will be very lucrative in the civilian side, but I'm more of a hands-on active person (I did Interior Trim before I joined the military and loved it). 

You need to secure right of way from a neighbor first (recorded easement) otherwise the property is pretty much useless which is probably why the current owner is trying to sell it.

Its possible that, if the store tenant gets a loan secured by their business property, a lender may require the flood insurance. 

Thanks - we have not secured financing yet....right now we're trying to figure out if we should secure on our own (wife and I) or secure through the LLC.Our worry is closing on this home and then losing the ability to purchase a home where we move (or the interest rate becoming jacked up due to that potentially being a "2nd home" in the lenders eyes.)

If the loan is a lower LTV and more standard terms then lenders can get more lax in requirements as their is security in other ways such as high DSCR, low leverage where loan is much less than current value of the property etc.

I'm in a different part of the country installing security systems.

If you don’t want to push the vacant at closing, you can put it back into the sellers hands Vacant at closing OR:Son of xxx provides signed lease (attached) for $xxx/mo plus $yyy security deposit at closing.

@John Warren will I need additional funds to secure the refi at the end of the period?

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

I recommend you put in 5% and the seller take a carry back note and you secure long term fixed rate financing (traditional).