I define the "rat race" as the endless circle of paying bills and saving, only.

Then, determine your buy box that further defines the type of property and the geographical location.I think it is important to remember that whatever you start with in your buy box can change and evolve over time. 

I would be very interested to hear how you define the three tenant pools in Las Vegas.   

Your cash flow would have been worse, but historically in your market the ROI is defined by the appreciation.  

“New construction” is defined as brand new construction as well as any “substantial rehabilitation”, upgrading projects and renovations.What if I’m unable to use the tax credit this year, does the 45L tax credit carry forward?

Sounds like the right call will be defined by so many factors. 

@Frank HarrisDefinitely speak to an attorney.Simplest way is to have him give you a note and slap mortgage on the property at a defined interest rate and keep the upside

That would remove any lender mandate forcing you to purchase flood, and then you could decided if you think flood insurance is necessary or not.If the structure sits above the FEMA defined flood level, then the building qualifies for removal.  

What defines building materials is why I say it's subjective.

I define arbitragers as those who just lease someone else's property and then sublet for STR.