This is 3% of the FMV of the property... not 3% of the purchase price or the outstanding balance.A standard home is going to appreciate $3,000-$5,000 annually in this area.

Its a short sale because they want to sell, the net proceeds are insufficient to pay off the outstanding debt and they don't want to bring cash to closing to make up the shortage. 

So far, I am looking into a few properties on west JAX in a small pocket surrounded by 3 highways (90, 10 & 295) in zip code 32220.Anyone has suggestions on whether this is a good area for rental?

In the lease you must clearly state that any outstanding utility bills left unpaid by the tenant will be paid on their behalf and are due and collectible from the tenant when paid.  

So much versatility with them.Newer models of the ram 1500 can run off two cylinders when on the highway.

Outstanding balance is 470k.

My thoughts right now are:- $700-900 per month in cash flow is outstanding- $67k to get into the deal is a lot, but it would garner ~$100k in equity- I'm split between keeping the killer loan rate and using the property for cash flow, potentially flipping the property, or actually moving into the property myself (coincidence here, but decent timing/location for a possible move for me)I'd love to hear some thoughts on this.....good, bad, ugly or whatever.

If a tenant leaves the place clean and without damages, and has no outstanding rent or fees still due, then we will be able to do so.

Flip (assign) contract to Cash Buyer with 'asking price' (within my asking price, I incorporate my spread (commission, percentage, whatever you guys call it), any outstanding balances and the money needed for the seller).

This is such an outstanding and detailed example of how to create value and generate cash while improving your own asset-truly humbling.