Are Apartment Master Leases still a good idea in Miami's Market?

[Felix T.]

I found a sweet apartment deal in Miami for myself. Due to the liens and work that needs to be done, a colleague is recommending I do a 4 years Master Lease during which time I will do repairs, increase rents, and the value of the property. I like the idea and have done it before but I am afraid it might backfire. 

The money I have for downpayment will have to serve for repairs and closing costs if I were to purchase. On the other hand the seller will not agree to a second position loan. What do you guys recommend?