I live on 5 acres and have plenty of space to build this rental.

No living room sounds like a deal breaker, would at the very least depress the rent you could otherwise get for it. 

And then I still wouldn't buy because if insurance keeps going up and up, it will be unsellable and tenants don't want to live in a flood zone unless they are on the upper floors.

Currently living in it, but will be STR in 1-2 years.

We live in San Diego and have been saving up to invest in our first property.

What if nobody wants to live in it?  

If you do this with a duplex for example, you are looking more at something like living in one of the units while renting the other side out for $1200-$1500 a month.

Also figure out whether the work involved is worth the expected returns.I found that getting over to do work on a house I didn’t live in to be far more challenging than anticipated (so I won’t be attempting any flips in the near future).

Hi everyone, my name is Ernesto Martinez and I live in Oklahoma City.

I live in Miami so starting to invest in properties that are local will not be the best move.