Here's a breakdown of the situation:Current Occupancy: 80% (16/20 units occupied).Current Gross Rent Roll: $14,265/month.Market Rent Potential: $17,665/month (100% occupancy).Renovation Needs: 15 units require full renovation ($10K/unit), 4 units are 75% renovated ($2.5K/unit), totaling $160K in renovation costs.Vacancy Loss: $41,820/year in lost income due to current vacancies.Cap Rate AnalysisThe seller lists the cap rate as 9.59%, but this is based on the projected NOI of $119,858 (assuming full occupancy and market rents).

Because you're new, it is a good idea to ask about the brokerage's agent training offerings and potential teams to join to get experience. 

Pensacola is a great market for investing and the number of properties available right now is up so there are actually some on market properties with potential. 

This translates to high rental demand and potential for appreciation.Diverse Opportunities: From bustling metropolises like Miami and Orlando to charming beach towns and vacation destinations, Florida caters to a wide range of investment strategies.

A second STR in a market with year-round cash flow potential might balance out your portfolio and give you more consistent income.

The leads I'm getting for potential tenants are not the best.

What are the next steps---BRRR seems like a good method for this- as theres potential for long term renters(near elementary and highschool)Step 1- look for a hard money loan(will they also cover construction?

I’d look into the cost of a 500 sq. ft. garage and compare it to the potential boost in sale price.

It’s unnecessary and potentially problematic to add the ex-partner to the title before the sale.

Look, we’d all like to search the internet, find a deal for sale, analyze the property as having a great cash flow at current interest rates, with lots of upside potential in a gentrifying market.