Am I entitled to get a copy of the completed Rental Application on persons they select so I have an idea who's in my home?  

It is good to note that there are many private flood options out there and it is a good idea to shop them all to make sure you are getting the best coverage and premium.

This is a good idea!

Although we all do real estate on this forum, sometimes it might not make sense to buy a property in an OZ, but it might make a great deal of sense to try out one of your other business ideas.

Unfortunately, this has led to a bit of analysis paralysis, though I have a pretty good idea of what kind of strategy I want to pursue.

I need ideas on approaching this. 

There may be a lag, but good PMs will have a good idea when rents will be paid by HUD.

Many start with no idea where it will specifically lead, and they end up spinning their wheels, and end up making little if any progress...and can't figure out why. 

I agree with your comments, but if we view it as “speculative” then it creates a barrier rather than looking as the idea as part of a carefully considered strategy that's willing to include a break-even investment for the time being.  

I told him my ideas, he's also an investor, and it worked in the long run.