I think it's very easy to find yourself in a poor position (on either side, as a GC or investor) when contracts aren't clear.

The 31 chapters of Proverbs, KJV or Amplified(Amplified is very easy to read not so old-timey), even without the aspect of religion the insights gained for business and life in general from Proverbs is profound. 

I read this on another post and it hits the nail on the head:"If everywhere you look people are making it sound easy, then you are looking in the wrong places.

The good tenant referred me to someone she knows very well and wants the place.

From the way it is worded I always thought it was only referring to physical damages.

You need to refer to the new CZO (Comprehensive Zoning Ordinance) and determine the current zoning as well as the future land use zoning.You can look up the zoning here:  http://property.nola.gov/

Land where duplexes can be built are pretty easy to find.You will need 20-25% of total cost for down payment/equity for a construction loan.  

@Andy Mirza @Wayne BrooksI reached out to a few people and I was referred to a REO specialist agent.

This is a corollary to #3, but it's easy to see others seemingly doing well with something and want to jump on board.

Thanks for that tip; that is such a simple thing to setup but easy to forget and can lead to disaster!