using this form of financing is a great way to acquire/fix a property but if you are looking to hold long term you would want to find long term financing. 

@Zack Whiting - You are in a top tier market for investment properties!

Its not like a 30k roof will improve my property by 30k right?

I think too many people move on to property number two and three before property number one is really in good shape and later they regret it.

If they are willing to help, you can tell them that they can advertise the property in places that you are not; to help you find a tenant.

I would have a house already but that is used as rental and I bought it using private lenders.

I am also open to considering opportunities in the Riverside / Five Points neighborhood, or San Marco, in Jax.Ideally, I would like to find a livable property with 3+ beds / 2.5+ baths, make use of FHA to purchase, and rent out 2+ rooms while renovating into separate, complete units.

Can your first payment be in 90 days, so you have time to rent the property?

The tenant has two types of coverage: liability and personal property.

I'd keep an eye on ancillary properties that become available.