Destin area property advice

[Ror M.]

Hello all, 

Taking a trip next week to Destin for some R&R.  Noticed on zillow that there are a ton of foreclosure properties on the books in Destin and surrounding beach towns.  

Curious about purchasing a property there, with the possibility of renting it out to cover some of the costs.

Any help from an investor realtor or regular realtor would be appreciated. (that is do you know of anyone?).  I can set aside a day next week to tour around and take a peek at some of the properties that intrigue me.  

Btw, I got an email from a banker stating that the preforeclosure process in FL can take 2 years to work through the system.  is the same true for straight up foreclosures?  Here in GA they get processed very quickly.

Thanks!

[William Allen]

@James Vega 

Research Florida and specifically Escambia county tax laws.  Florida is a no income tax state but they make their money other ways and one of those is sales tax.  If your rent property less than 6 months at a time (I believe this figure is right) then there are some county and state specific taxation that you will have to deal with.  I don't have the specific figures in front of me and don't want to give you the wrong information but it is worth looking into.  Worth a discussion with your CPA first too if you have one in the area.  

-Bill