If you plan to build anything there, this could result in some fairly high annual flood insurance costs and/or if flooding is a regular occurrence, it could get in the way of whatever other activity you plan to do on the property.What are the required building setbacks for the property?

However if you want it to look like a regular house in the interior or exterior or both then it is not worth it.

I had my contractor that I work with regularly take a look at it and he's saying its a gut job which will cost 220k.

When I kept telling her that she wouldn't be able to retire until 67 if we didn't find a way to make money other than our regular jobs she started to listen (she's 56 now).

Most regular GCs won't even know how to use this tool. 

Real estate is not like the regular stock and bond market.

I usually dump all my OH like a regular project and dump everything there then split them at year end to get my p&l.

I was exiting from my last business.I'm now focused on REI full-time moving forwards so there won't be another job or income stream outside of this.I do have tax returns that show some income but it's very minimal and basically just what trickled in the past 2 years.I have a good amount of liquidity in terms of cash, I have zero debt and I have a 750+ credit score.Should I approach them with the intentions of trying to get regular conventional financing?

It's the landlords responsibility to meet the contractor and let him in for repair, it's not the tenants job to be home, wait, while works being done.For seasoned contractors we regularly use,, we give them a pass key, inform tenant works scheduled to be done and the contractor gets it done.I don't let tenants schedule,, I just inform when were coming,,  

I'm still able to find (or structure) deals like that with regularity.