This makes it very difficult to qualify for an exception as it would be challenging/impossible to rent out as a "long term rental" - which I can't quite tell what is defined as.Any thoughts on strategies or ideas on how to deal with this, aside from simply selling and getting out?

The biggest thing to consider in hurricane risk management areas such as Baton Rouge is your wind and hail (W&H) deductible, this can also be called a hurricane deductible/named storm or tropical cyclone deductible.

Those are more challenging neighborhoods for sure. 

The biggest problem is fluctuating income here.

I think you will be challenged to build a 1400Sqft new house for 100K in Dallas.

Less competition if you know where to look the owner doesn’t know who the biggest investor in town is and like yourself shouldn’t care either.

Curious as to what challenges a situation like this may present an investor working through a property manager.

I imagine with the right buyer and a solid contract/expectations it is possible.My biggest issue would be the appraisal.

It's been a challenge finding a great brokerage thus far. 

I wanted to also challenge myself so I also ended up installing a niche on the back wall so the tenants could place their shampoo bottles inside.