Hi Perry, getting an LLC would be smart if you plan to scale your portfolio.

would get estimates and see how long to recover the money and your long term plan for the property

The first thing I ask is why am I Buying the property.I always look at the exit strategy first, is it going to be a rental, a lease option sell, am I planning on living in it.

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

but careful planning and documentation are essential""...making sure that your wife understands what she needs to do to document her hours and activities."

Sounds like I've got the plan all laid out in front of me. 

Their permit will not be transferable when they sell though, according to the draft plan.

During the GFC, the Obama administration took control of these entities and they have since been 100% controlled by the government. 

Then once it's acquired and/or fixed up you could shop around for long term financing if planning on holding the property rather than flipping it. 

I plan to utilize some cash, margin loan, 401k loan, and a HELOC as a down payment.My first house hack (now an out of state investment) has a Zestimate of $530K, and I have $266K left on the loan.