Although I conducted a basic septic inspection during the closing, and the system is in good working condition, it still failed the STR inspection.

We determine what to renovate by comparing the current property condition vs. the "ideal condition" for our target tenant pool.

Quick question on those who have done seller financing:- Buying a 0.3 acre downtown fort lauderdale multi family, negotiated an around 1M price w lot of development rights, double lot. seller got it way back early 90s for pennies- got good credit 800+, w2 job etc put 40% down and mortgage bank offered 6.62% 30yr fixed (CF negative as this would make current rent roll not too much compared to the PITI)- property is in ok condition, needs 20-30k repairs which seller OKd, and all 3 tenants are month to month, pay bit under market but also ok- seller would like to do seller financing, interest only at 5.75%, 30yr amortization at 7yr balloon (CF would be positive) - id be paying some principal as well, just to grow some equity- buying this deal for the future development of the area (las olas, kushner broward crossing) so not really worried even if we overpay for it now, but never done creative finance as i always relied on a strong W2 job to get good loans but obv im used to 3% 30yr rates from covid times not this 6+ environment..Goal is to hold the property 3-5yrs, and then actually develop it or sell half the land / refinance, pull out HELOC if it appreciates.Questions:1) What does he know that i dont? 

With a Condo, couple things to note:1) Financing can be a challenge, but as long as the building is in good condition, you should be fine.

You can make minor adjustments based on the type of appliances (dishwasher, clothes washer and dryer, air conditioning, etc.) and the size of the rental.

Some of the new laws in the state house will require you to provide Air-Conditioning.

I can see govmit making a condition that tvhey must try to get employment at least.  

The winners in this business don’t wait for perfect conditions—they create them.

If a policy excludes wind coverage (more common in places like Florida where insurance is severely strained by weather and other market conditions) then all wind related events are excluded.In those cases, it's sometimes possible to purchase a wind policy (usually covers wind & hail) which would provide tornado protection.

–Exception: An ADU on a 1-unit subject property that does not comply with the zoning and land-use requirements (illegal zoning) may be eligible under certain conditions. • ADUs that are manufactured homes are allowed under certain conditions.Good luck