Real estate is by nature a very local business.

Based on the conversation my realtor had with the seller's agent, the family selling the home is humanitarian in nature and would like to "help a family."

@Tim Kaminski, Using the 1031 exchange will allow you to exit your older Pinellas properties and purchase newer properties elswhere that are not as big a risk from capital expense or natural disaster. 

If there's only a few comps you're using, there's naturally going to be a lot of error in your valuation model, so you're at greater risk of buying a home that really isn't going to net you much of anything. 

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

Gas (natural or propane)I pay $100 a month for liability insurance.

Both of these may impact your DTI.One of the difficulties in holding properties for a long time is that equity builds up (either naturally or by forcing with renovation), and I need to sell or refinance to get the equity. 

I'm more interested in the legal transfer of the money and tax implications thanI am the nature of the agreement.

lolDo you find that the static nature of that market makes it pretty stable during downturns?

However if I do a BRRRR I can achieve infinite return by extracting all of my investment.