The 50% rule suggest that your CashFlow looks sweet at about 400/month; however, taking other elements into such CapEx and Repairs the CashFlow is more like 111/month.

I would like to meet up with any investor groups in the Brevard county area.I am a Doc of Physical Therapy - branching totally out of my element.

It's a great book that dives into all the pertinent elements of building credit.

I'm looking though some tax deed auction listings in Florida and I see that some parcels have oddball Property Uses (eg R/W Buffer, River/Lakes, Residential Common Area/Element).Is there ever any value in buying one of these?  

Low income folks do not have credit to protect.Good screening is key to low income success, but there is still an element of rolling the dice.  

Restrictions on what can be built,minerals rights,environmental hazards,flood prone,etc.

Mortgagor complaints: The mortgagor might find some defect in the property after taking possession, such as a leaky roof or rotten siding, an environmental violation such as heating oil residue, or a zoning or building code violation – and stop paying until you fix the problem.

An environmental engineering firm can conduct an audit for you and likely answer your question with certainty.

Also, dont under estimate the value of picking out the design elements of the house.

Example, a concrete yard for CA is 95/cubic yard, that's only concrete, plus you have environmental fees, pumper fee (if applicable), labor installation, another is, you can't hire someone below 15/hr here who knows what they're doing, unskilled labor, maybe 15/hr but all they do is carry materials, with work comp and taxes, if you pay at 15, you'll end up at 23-28/hr on carpenter trade.