Basements are never included in the insurance rebuild cost.Regarding the premium question, it depends on the age and construction of the building.  

I am from Chicago, I have a construction company which 90% of our work is for investors so its still into the flipping and rental business.

Does it start when land was acquired or once the house is constructed?

For your first one, you're going to want something relatively turnkey unless your background has been in construction or your are a glutton for punishment and want to jump right in and learn a lot of lessons all at once. 

I am a construction guy in Hawaii and have been looking around for deals just like you.

The community is still being constructed and is expected to be complete by May 2016, so there is uncertainty about the neighborhood.

Furthermore, you and disqualified parties cannot live in or use any of these properties, nor can you do any of the maintenance, upkeep or construction work on them.  

You should have no problem finding varying levels of cashflow/stability and plenty of options to choose from (SFR, multi, new construction, historic, etc.)

I have been in construction business since I was 17.  

, a lot of investors like to purchase there but have found other better sources for the different products we purchase, one of the products where we can get better prices is precisely appliances.If your prices are better, then please call my contractor Mac Salcido at Urban Construction (909) 732 7434.Anyways, I always recommend these 3 things to people beginning in Real Estate Investing:1) Do a lot of research here2) Do not spend a lot of money with coaches, it would be much better to put that money to work and learn from experience, I'm not against coaches or education, but you need to be careful as there are some that are really bad3) There are many real estate clubs out there, visit them, select your favorites and meet other investors working your area.