Lately, I have been reading the various contracts involved in a transaction.

The Parents are NO involved at all, There is NO Trust , NO will - it will be done directly with Deed on the behalf of the minor GRANDCHILD and  appointed property guardian to manage the property and distribute the rental income to the friend.I am just trying to understand  my options before I talk to a  lawyer and CPA . 

He said he wants to stay and see if he can find roommate or i can find one for him.which I don't want to involve into.( also I doubt if he still has a job) and I personally want him to leave, sometimes he says like I have rent for next two months, sometime he says my dad is helping with rent etc.. i can ask/tell nicely to him, that finding a roommate may not workout , and ask if he can find some other place, and I can provide the lease termination based on the date they decide to leave.also these kind of discussion are better to do in person / on phone or in writing (email) ?

So to answer your question I have not came across a lender that would look the other way when flood risk is involved.  

Can the BP family help me think of other costs involved (outside of buying and rehabbing and managing)? 

It's based on very specific conditions, seller type, market, and other factors that are too involved for this format. 

If there is anyone currently involved in the Opportunity Zone Fund process to benefit from incentive programs to defer capital gains tax please reach out to me.

As stated this would be my first investment property so there are nerves involved and uncertainties so take it easy on me!

This way you don't have to be involved in every decision while you're living OOS.

-If the sale involves a note, regular and timely payments on the note should be made, and repayment should be based on the value of the underlying property rather than the success of the land development.