I am an appraiser in the area. You will own the landaround and under this property. The seller should have a plat with the site deminsions if he has recently had the zoning changed to allow these units to be true townhomes. You have every right to do as you will with your yard and dwelling side and it to most, and no HOA fee is a plus. The only downside to this situation may be what your neighbor decides to do with his side. Without HOA's, it is difficult to assure that the owner of the other side will keep up with his property in an exceptible manner. As for rebuilding, if the zoning was recently changed to allow attached units without being classified as an HPR, rebuilding after a storm should be allowed. Check with the local building department first.