Renting from people who wont sell. We RENT ugly houses?

[Michael Hawkins]

Hey, 

So the Florida market is hot and there are way more renters being left without a place, at least in Brevard county where I work. 

Heres what Id like to do. I want to lease homes at a deep discount with the intent to sub-lease for market rent. My broker is a lawyer as well and he's all for backing me on this. I figured a long term lease depending on how much the slight repairs and paint would be (to get to rental standards) and what we figured market rent would be. Possibly going the first few months rent free and/or discounted to pay back costs.

My payments to the owner would cover their taxes and some extra cash, of course all depending on how the numbers work. Essentially it seems like Id be a property manager but hopefully making larger margins. As I consider myself an amateur investor at best, I was hoping to get others thoughts and also poke as many holes in my plan as you see. I appreciate criticism.