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).

would get estimates and see how long to recover the money and your long term plan for the property

What adds complexity to our plan, is that we live in Minnesota.

The first thing I ask is why am I Buying the property.I always look at the exit strategy first, is it going to be a rental, a lease option sell, am I planning on living in it.

Ramping up this year but my wife and I ultimately plan to move to Georgia in 2027 (we already have a realtor for the curious). 

Maintenance and UpkeepRegular Inspections: Schedule periodic property inspections to address maintenance issues.Emergency Repairs: Have a plan in place for unexpected maintenance needs.Furnishing the Property: Budget for necessary furnishings and appliances.7.

Also, without even looking at the plans a 7 unit building will likely have flawed floor plans and/ or an inefficient layout unless its an irregular site.

You’re building a thoughtful plan that’s set up for success.

Their plan is to raise rents (on the poor remaining souls, improve infrastructure and exert some sweat equity. 

Over the next couple of years, I don’t plan to use the property often, but I may stay there occasionally when it’s not occupied.