Are you familiar with Creative Financing such as Subject To (SubTo), SubTail, WRAPS, Short Term Lending, and Bridge loans? 

., Purchase Price: $475,000 ($197.9/sq. ft.).Estimated Market Value: $402,000 ($168/sq. ft.).Financing Terms: 2% interest rate, with a 9-year balloon.Unit B Income: $2,049/month (Section 8 tenant through November 2025).Unit A Income Potential: Similar rent or higher; Section 8 cap for the area is $3,234/month.Monthly Loan Payment (P+I): $1,386.Cash Flow Breakdown (if both units are rented at $2,049/month):Gross Rent: $4,098/month.Vacancy (10%): $410/month.Operating Expenses (37.3%): $1,376/month.Net Cash Flow: $943/month.Key QuestionsWould you be comfortable paying an 18% premium for financing at 2%, especially in a market where current mortgage rates are closer to 7%?

When my loan was not going to close, it was one of the options that my broker and lender told me about and actually referred me to for a conversation.

It's not an insurance company/carrier. 

They asked me to empty my savings, max out cards and then finally to take out a loan.

Do the math at a 6% loan rate.There's a reason many apartment buildings have been converted to condos and sold.

You didn't mention the higher Florida insurance costs. 

. - will it influence property taxes once we move to conventional loan in 3 yrs? 

Here is my two cents: When hiring a contractor for substantial renovations, start by researching local licensed and insured contractors with solid reviews.

Cash flow has been hampered by an increase in cost of ownership recently, specifically insurance.