As soon as you assume no major repairs needed, you may very quickly end up that famous creek without a paddle...

Obviously if your lease doesn't have a late fee clause, you may be up a creek without a paddle, but maybe a good lesson for next time as well.

It’s not like an auction where I can just raise a paddle :). 

Title companies are not in the business of running titles for practice, also the liability for a mistake on an ownership and encumbrance report is limited, perhaps to as little as $1,000 so if you put a non-refundable $5k down and then it turns out there's a DOT that was missed so the deal can't close you may be up the legendary creek without the preverbal paddle.

You provided current valid government issued ID up front (Drivers license, Passport) and they provided a printed list of properties being sold along with a paddle board with your bidder number. 

not that any weekenders would be drinking :)same thing I guess with providing paddle boards and kayakes  or for that matter just walking on the Pier and the floating docks. 

You can rent stand-up paddle boards and go paddle boarding or kayaking in the Naples Canals.2nd and PCH has higher end shopping, ocean-view restaurants.Head over to the waterfront for good restaurants and tourist shops and the aquarium.Long Beach also recently loosened it’s STR restrictions so the owner does not have to be on-site during the tenant’s stay!

Ok - realtor hereKinda confused about your situation - my .2. cents would be to stay away from condo associations as very rarely do Condos really cash flow well as you have an HOA fee to take into consideration along with a lot of rules etcauction - if you have the cash you are fine if you have to finance you might be up the creek without a paddle (unless you do a hard money loan)You cant go the FHA route as its a condo and more than 4 unitsmy suggestions would be to do the regular FHA multi family home loan on a quad - I believe in browards and dade the limit is around 775-780k on a quadthe market is crazy at the moment in suit florida so you are looking closer to a 5-7% cap rate on most multi familiesshoot me a message if you need ore info or want me to run numbers for you im based up in west palm

Observe each wave as it comes by and when you're in position to catch the wave, paddle fast and hard and ride that wave!

And the VAST majority of STR properties are higher price, where standard rents WON'T cover hard-costs, so that's rarely an option, so they are truly stuck and up a brown-river without paddles.