You want this to be your backup plan if things take longer than anticipated, you do not want to dip into personal credit cards so i would use a heloc to help with down payment but try to keep a nice available balance on a heloc as your insurance policy. 

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

What’s the plan?

It’s also worth verifying if Beaumont and Port Arthur have any specific contractor registration or insurance requirements, as local compliance can sometimes impact project timelines. 

Once any ongoing damage has been mitigated, you'll need to have a lot of contact with your insurer to discuss your rehab plan.

Are you planning to rent the entire unit at the 2nd year mark? 

The most likely options are exchanging:Life insurance for life insuranceLife insurance for endowmentLife insurance for non-qualified annuityPersonally, I would first determine what type of exchange you want to do. 

What kind of insurance do you use? 

No longer can buyers underwrite to $1,000/unit payroll and $250/unit insurance expense. 

You're off to a great start by educating yourself and planning to attend meetups—that’s where the magic happens!