I'm considering pulling the plug at this point.

I really appreciate any input or suggestions before I pull the trigger on these large expenses.

Rick, I think online permits are limited to the items below that I pulled off the website: Request Electrical & Plumbing permit for new or replacement electrical & plumbing for single family/duplex homes

Would it be better to purchase this for the appreciation to be able to refinance in two years to pull the equity and move into the next property and have this for tenants to pay off? 

Here's some data from Marion Oaks (Ocala, FL) that we pulled today....- There's an average of 1.5 months of inventory for homes between 1,400-2,000 sqft.

The downside will be I will not be able to pull initial investment out for five years and my IRA deposit will not lower my AGI (if I am over income limits).Any additional input?

. #4 Once you're comfortable with everything and you find a deal you like, pull the trigger.

Specifically im pulling data on SFH\MF and lots owned for 10+ years, with 35%+ equity in T4,T5,T6 zoned areas with 5k-40k sf lots, especially if they are run down or outdated. 

., 2k labor to install a furnace, just nuts, so we pulled the plug.

In this case this owner, admittedly, pulled the rug out from them.