Rodney

Aside from all the issues above dealing with the sale itself, there are the "macro" issues:

*Will New Orleans actually be rebuilt? And on what timetable?

*How soon -- if ever -- before a functioning economy is reestablished?

Everybody's talking about bringing the city back, but the bills will be huge. And it really isn't the smartest place to have a city. It's possible that the feds will offer inadequate backing to do the job right.

Also, housing gets its value from the desirability of the surroundings and the amount of money sloshing around the local economy. Much of what makes New Orleans desirable is cultural, not physical (you can keep that weather). Will those cultural institutions return? Will the tourists return? Will industries want to return? Unless the answer to at least two out of those three questions is yes, New Orleans' prognosis for recovery is uncertain. And your investment may not pan out.

In any case: while you should start researching your ideas, I'd wait a few months to take action. See what the political and economic reality is. In any case, a lot of homeowners aren't going to start making decisions until their insurance settles. At that point, they'll decide whether to rebuild, or to just take the check and sell the house and lot for what they can. It'll probably be several weeks before the insurance claims adjusters will be allowed into the city, and there'll probably be a shortage of them.