Essentially if the home has not been flooded in the last 100 years you have very little cost and if there has been a flood in last 10 years then insurance sky rockets.

Our plan all along has been to flip it, but we've recently been discussing short term rental options as a viable (and possibly more profitable) solution, depending on how strong the market is.So, essentially you're saying that our CPA is correct: if we rent, Suspended Loss comes into play.

I've been trying to beautify the space, add a bathroom, flooring and paint.  

Go sell kittens at a pet store, I don't know.So essentially if you think that the $20K price tag will give you a golden ticket Charlie, think again.

When working my ROI Math how does one factor a cash out refi in to the mix, because in my eyes by the time it goes through (6months) I will have a loan on the property with essentially zero out of pocket as I put my own money back. 

Essentially, you put 10% down and then take out a second mortgage for the remaining 10%.

The current tile looks like the old bathroom stuff, so I'm thinking about replacing it with the big vinyl squares that look nicer and can be replaced easily (some have told me to stick to the ugly squares).

I'm looking to buy a 2 bed 2 bathroom as my primary residence in PG County.

Food for thought, whatever interest rate your paying down is essentially what your making on that money.

Essentially I think you should approach it as an interview.