@David YoungTo turn your paid-off home into a successful investment property, start by formalizing a lease agreement, assessing necessary renovations to maximize rental appeal, and calculating your cash flow after expenses.

You must exclude the land value, typically allocated based on property tax assessments or an appraisal, as land is non-depreciable.

Condos are less expensive to buy, but you have condo fees and special assessments and condo rules.

I am no professional here, just explaining from my experience.. first, insurance starts claim and they send adjuster out to assess, check damages, and collect documentation.

From what I understand HOA/POA dues don't get wiped out with foreclose sale in FL, so if you see a $150,000 condo get sold for $50,000, could you still owe $100,000 in back HOA dues and special assessments?   

The $20k+ I pay a PM means with a dozen properties I literally spend less than an hour a month on a dozen properties.

That is for you to model and assess.

Since you recently purchased, yours was reassessed at todays values and theirs are still working off assessments from years ago (possibly) and the people you bought from likely had an old assessment as well.

Hard money is expensive.Some questions to ask yourself to assess risk:Do you have access to a reliable contractor who can complete the work on time and stick within a budget?

First things first, when assessing property managers, it is crucial to prioritize their ability to collect rent and manage delinquencies.