First real estate side hustle. -Orlando area

[Sneha Patel Campanella]

Hi All,

I work as a medical provider and my husband is in the IT world so new to real estate investing. My husband and I are looking to purchase our first real estate property other than the home we live in. We have 3 children. 

We are looking to make a cash purchase in the Orlando area. Max of $200,00. Ideally 2-3 bedroom and 2 bath condo/home.

Our goals are to 1. generate passive income from it to reinvest. 2. Have our own business/side hustle and benefit from the tax break. 2. Use it 2-3 times in the winter months as we currently live in the Northeast. Rent it out the rest of the year. We picked Orlando because the high rental rates, less issues with hurricane's, our son is an avid golfer and golf/flying in and out of Orlando is cheaper than other areas in Florida. 

We found a realtor and have asked her to show us properties that are: 1. newer so we would not be hit with a huge assessment and 2. Low HOA fees. 3. Obviously zip codes that can be rented out.

Does anyone with experience in the Orlando area have advice to offer? We want to generate cash flow right away  but, understand that may be a bit of a challenge with Covid. We are trying to take advantage of the Covid market and people trying to sell. 

Thank you,

Sneha