Tampa can work, but yes, taxes and insurance are higher and might keep cash flow tight.

Looking my insurance policy it mentions that I can opt for settlement under Actual Cash Value vs Replacement Cost. 

Diversifying geographically can also reduce risk and increase long-term returns.For example, there are several markets across the U.S. that are ideal for new investors because they offer affordable entry points, reliable cash flow, and strong economic fundamentals.

We like the short-term rental idea because we could stay at the property ourselves when we want - summer break, spring/winter breaks, etc.Our budget will be right around $1M or less ideally, and we would like a short distance to the ocean.How likely is it that we could find a property as described above and have it cover or come close to covering the mortgage? 

Hi Nirek - I deal with a lot of clients in your similar situation.

Hopefully your lawyer also mentioned insurance- title and hazard.A quitclaim deed transfer can hurt your title chain and title insurance. 

It looks like R-25 Batts would be ideal being 8" thick to fill the space however R-25 is not readily available from what I can tell.

I focus on finding deals that meet specific criteria, and I always keep my underwriting conservative to make sure the numbers work even on a worst case scenario.Right now, my big goal is to land my first property, ideally 20+ units in Florida, and build a strong portfolio from there.

So almost a little if both would be ideal.

However, full site visits, though more expensive, maximize tax savings by capturing every depreciable asset and offer better audit protection.While online studies may be suitable for simpler properties, full site visits are ideal for complex or high-value properties.