And how much would a flood-plain designation (midwest rivervine--not coastal floodplain) drag down an appraisal?

Buying a house using an FHA will allow you to put only 3.5% down with a very attractive interest and no many limitations.HDFC will allow you to get properties for dirt cheap with a higher down payment and much more limitation.I'm looking to make the most profitable decision, what would you suggest? 

there are large old paper subdivisions in CA like this that were platted in the 20s and never developed its taken 100 years but they are finally starting to bring that land back into open space type designations  parks etc..

I’m a power engineer who’s designed, and trouble shooted systems large enough for oilfield facilities.

Also with this scenario you can potentially attract a better quality tenant because you are giving them more of what they want.

You need to build up your knowledge base and experience before even considering building a team because if you try to attract agents, contractors, etc. before you know much, they won't want to work with you.

This is exactly what these forums are designed for.  

The house is dated and unoccupied, so I'm trying to be smart with design choices and spending to increase rent.

They are designed to cover situations where someone may sue you. 

Yes, the fixed, low rate for 30 years (as opposed to the variable HELOC rate) is part of what makes the refinance an attractive option (in addition to the cash out).