We simply don’t know yet exactly how this will play out.

You are playing by old rules.

It has the rental calculator for now.​Please look for Biggerpockets Tools in the Play Store.

Permits can be obtained after the fact in emergency situations like this one, as previously posted.NOTE:  Be sure to play nice with the city inspectors of the repairs to un-condemn the property. 

Banks manage cash: inbound and outbound and "play" with that cash while they have it.

If you play the game of holding on to your money and waiting for the "perfect" moment, it may pass you by.

Remember buy n hold is a long term play. 

For this reason it should not play a big part in the decision making process.The question you want to ask is if you have a partial loss, range of $100k-$300k, what % of that claim do you want the insurance company to pay and what % are you willing to pay or have reserves for?  

I took @Dave Meyer's awesome data and played around with it a bit.

This is meant to articulate that over time, the market averages out and drives a solid return and for that reason, you need to have the ability to stay in the market after a large drop.This is where the benefit of diversifying, especially in real estate, comes into play.