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).

Yes, you will have to file the partnership tax return.

As someone mentioned, the only thing passive about real estate investing is the tax treatment. 

Your problem will be them incurring capital gains taxes simply so you can get a commission.

Going direct saves you and the seller money, giving you a lower cost to entry which helps all your numbers, but you have to put in the extra work to find that deal.

Very sad, very taxing, a lot of effort before you have a deal to show for it.

@Daniel Tanasa $1905 per month (mortgage +interest) , taxes (around 3600 per year) and insurance (1500 per year) => so 2330$ is my PITI

.: Stessa isn't good for keeping track of tax deduction items.Stessa was designed to just look at P&L.

Thanks again for your input, and I'll probably reach out as I get further along in the process.Hi @Edward Zachary Samperio, the regulations aren't that difficult and I'd be happy to give you a quick rundown about the density limits, hotel occupancy taxes, permitting, etc.

Most lower priced condo projects are not very healthy and why they are low priced.