I know new construction must be to code, but what about older buildings? 

I have been in the construction industry all my life and would be more than willing to try to answer any questions structure related. 

At that price and rent, I would be concerned that its in a lower class neighborhood, and be concerned with the issues associated with renting in lower class areas.As for the flood price, I have a duplex insured for $165k, new construction, built 1.5ft above base flood elevation (BFE), and my insurance was $650/yr, so if your property is in a flood zone, your policy will likely be more than $400/yr.With those rents, it will cash flow even if financed. 

The biggest competition after rehab will be new construction developments. 

I've been researching only FHA & various construction loans for up to 4 units.Can anyone recommend a resource with more information or can share info on their experience with commercial lending?

However, my analysis is showing these property values to be inflated and overpriced, especially from a buy and hold standpoint.Are you looking at teardown and new construction deals?  

I'm in the construction field so I was hoping to learn about rentals, and flipping

 Depending on your needs, an outfit like Bang It construction may be a contact to have.

New construction is pretty straight forward...if it's renovation on an older property budget in 10% to 20% for unknowns.  

I'd recommend a mix of finance-based courses with construction.