You are far better off buying a stand-alone vacation rental and paying for a hotel room when you need it.  

You can pay a flood mitigation company to do this, but it will be expensive.

Pay cash, cash is king.

If so, I will obviously pay for it since it is my fault but I wanted to make sure first that they were not going overboard before I pay over $1,000 for it.

Should pay its self back within two years.

Are they still paying rent?

Why I Love Student HousingRent Premium - Students will typically pay 40-50% more in rental income than market rate housing.

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

I'd love to put you in contact with these people and start marketing your services to them, I have done this maybe 40 times now with my current lenders and i typically just add my payment into the HUD and the borrower pays it, this service wouldn't cost you anything.

I recommend looking into areas near economic bases - close to Nationwide Children’s Hospital, Ohio State Campus, New Albany, etc.