At the end of the day, you want to make sure that you have numbers that are as accurate as possible so you can make the best decision possible... especially if you are planning on spending $375k.

For my particular situation I have the funds to provide the deposit in Cash and had a pre-approval letter from a private lender for this property (which is dependent on appraisal, title, and final underwriting decision), but am unsure if they will accept this as documentation or if I will be out my earnest deposit if I go for this opportunity.

I want to start in Illinois, just as I know more about the communities and surrounding areas, to make a more informed decision.

Sounds like you are making some wise decisions for your future.

No final decisions yet anyway.

You made the right decision!!!

@Victor Ramirez welcome and congrats on making the decision--it really is a big step!

Don't negate the corporate decision-making process as well. 

I feel that the flood insurance cost of $120/mo doesn't seem prohibitive to me but I am out of state and was curious if on a local level this has any stigma or large bearing in a buyer's decision (other than the obvious cost consideration)? 

I also implore you take measured and strategic decisions.