Having less market value could very well be giving you the opportunity to cash flow even with the added expense of flood policy.I have tried to go the route of an elevation certificate to no avail.

Then at the opposite side of the spectrum, there are also lenders who probably overcharge for things, whether it’s because of a large marketing budget to run all the commercials and ads in your face 24/7 or because they’re a large nationwide lender with actual bank branches and have more overhead to pay for to be physically present in such markets.

Once I sent out 25 offers through realtors on houses which I saw physically in person; before I can get 1 accepted. 

Others are commenting on the legality which I question, but basic physics tells me something's up. 

I strongly recommend spending as much time as you can afford, physically present in the neighborhoods you're considering. 

Due to physics, there is no way to overcome this barrier.

With the long term rentals, all rent payments are done online and the only time where we need to be physically present at the property is during times of turnover or major repairs. 

Not every home is a candidate to be flipped and there could very well be a fair amount of competition in your area where more lucrative deals are getting scooped up quickly and others are cultivated from off-market properties.As for fair ROI, you'll likely hear some typical CoC figures but that's something that could be different for every investor. 

You need to check title as those liens may still very well be on the property.

Key is getting the property to appraise high enough that you have 20% equity after the increase in property value.5) Once refinanced into a conventional loan, you are eligible for another FHA loan and can repeat process (Including physically moving into the next property).