What you want to insure for Loss Assessment.

If you don't have a person who trusts you and is willing to lend - or if you just need more money NOW - then a hard money lender might be the way to go.If you want to raise private capital, read Matt Faircloth's book for a comprehensive overview.The term of the loan is completely optional.

Look into deferred maintenance and special assessments.

Without actual numbers, there's no way we properly assess whether any property should be held or sold.

As part of the closing process, a PCNA (Property Condition and Needs Assessment) will be performed to determine what repairs the property requires. 

Then increase that number to at least 10% unless it's above 10%.CapEx needs to be assessed individually for a given property.

The Ultimate Guide to Grading Birmingham Alabama Neighborhoods is something I put together with a large Property Manager down there to help investors assess the level of risk and tenant base expectations when investing down there.

Flood insurance for a home outside of a flood hazard area is usually inexpensive, except for the idiotic $250 surcharge they've assessed on landlords and businesses so that owner occupants can pay less to actually live in flood hazard zones. 

@Tony Kim I can't speak to your success rate, but I can speak to agreeing with your assessment in principle.

Property Value – The assessed value of the property is approx. $450K, however the real value is that the Town is generally open to almost any scenario to replace it if feasible.