They are in Coral Gables, FL. 

My guidelines thus far are:- Purchase with a conventional loan with 20% down (waiting for the sale of my condo) - Live in Victoria Park, Wilton Manors, Pompano Beach, or Coral Springs (or another good area)- Have the cash flow cover at least the mortgage, insurance, and property tax (using the rental calculator on BP)- I'm mostly looking on Redfin for deals

If your neighbors do not have "Color of Title" (an erroneously relied upon title document), WA State law requires ten years to adversely possess real property. 

In your experience, is this a risk worth taking or am I seeing things through rose-colored lenses?

Some additional color on these points would be helpful to answer your question:-Property type (ie. office, retail, multi-family, hotel, etc.)

Santa replied what color was the unicorn?

Why not forward neighborhoods with color coded priorities and as much helpful info as a package so that before wasting a lot of time going back and forth over the phone, the investor will spend time learning what you have out together and call as a informed buyer.

Find comparable properties and guess based on different counters and colors in bathrooms?

Either 5000k or 2600k color.

They don't want to deal with complaints because the light they bought is 1000k color temperature off some other one you have.