In addition to the Phase I and the ALTA, it is a good idea to also get a Zoning Compliance Report.

What zones can you do this in?

Have someone watch the cross walk.Neighbors- They are all businesses and closed, or the Hotel folks will walk over.If it gets too big, rent out the grass area behind you across the street.As always check zoning and covenants.Over the top????

Sellers did not allow us to get professionals in to give estimates for a french drain before closing (yes, our red flag we should have walked away with), but agreed to lower closing price. 

A few of my red flags: He didn't call me, she did. 

I agree with the answers above and that condos have a lot of red flags for STR investments.

Tampa bay areaBlock - not older than 1940Wood frame - not older than 1970Min heated sq ft 900out of flood zone

Typically before the land is purchased, I advise buyers to perform all of the due diligence starting with the zoning and development code to know what is even possible within the confines of the existing zoning with the city/county.

Less governmental involvement, restrictions, fees, red tape, etc. here in SW Florida. 

If that property is till under the LLC you will need to purchase under the LLC.If you have taken ownership of the sale proceeds your next homework assignment is to look into Qualified Opportunity Zones and Qualified Opportunity Funds (QOZ, QOF), note the same accredited investor status still applies.