New Investor looking to invest in South Florida

[Tobias Madigan]

Hi there, I own an international company that is doing well managing vacation rentals in Los Angeles, Mexico and Eastern Europe.  I am looking to invest some of my profits this year in income generating real estate in South Florida.

As I am new, I am limited in fund and borrowing ability.  I am pre-approved for about $190,000 and have about $20,000 cash to spend on down payment, closing costs, repairs, and furniture (if I need to turn it into a vacation rental versus long term rental).

Is my budget realistic or should I wait until I can afford to put 20% down on a property instead of 5% or less?