Supply & DemandUnlike financial markets, real estate prices and rents are driven by supply and demand.

Yes, taxes and insurance are higher, but Tampa has strong rental demand, and you can still find properties in growing areas just outside the city where cash flow is realistic.

Flipping with someone experienced can be invaluable, especially when you’re new to navigating contractors and timelines.Researching Out-of-State Markets: For a duplex, consider markets like Phoenix or San Antonio - investor-friendly with strong rental demand.

I don't know the city well, but seems to be light on demand drivers other than Baylor University. 

Pent up  demand is a farce, you want to rationalize what is legitimate demand. 

How much time / cash / other are each individual expected to contribute?

two things I have learned.  1,200 is a sweet spot for demand, and if you do have a large unit of 2,500 get a couple of them zoned for auto. 

MFDUs in high-demand areas like Asheville might be limited, but it’s worth keeping an eye out for smaller duplexes or triplexes that align with your budget.If neither works, continuing to rent while buying a pure investment property in a more affordable nearby market could make sense.

One thing I think I would do is either hire a professional market research company and/or get a local high school or college marketing class to do market research and surveys to see if there is interest and demand. 

@Eamon Conheady - was the other lender a company or a private individual?