I actually took a look at your profile and made some tweaks to mine. 

At the pro forma income, the cap rate would rise to 8%, which is more reasonable but only achievable after renovations.

Double close: You do actually purchase a property and then sell it the same day to another buyer.

You just have to make sure you're using someone that actually knows what they are doing and not someone that throws it to a lender that specializes in Conventional Loans.

.- We also negotiate a reasonable completion date, depending on the Scope Of Work (SOW). --- Who gets all the phone calls and wastes time calming a tenant down because the owner's contractor doesn't show up as scheduled after they took time off from work or a 3 day job takes 3 weeks?

I’m not local, so I’m trying to get a feel for what it’s actually like making deals in this market right now.

In your situation there is actually another factor that may work in your favor.Only the proceeds allocated to the sale of the building can be used in a 1031exchange. 

Quote from @Treza Edwards: DCSR Loan Yes, but I believe they partner with another company to do the actual DSCR loan.

A reasonably good source is AVVO.com by zip code and expertise.  

My family actually have some properties in FL, and I have also researched this area quite a bit and I saw it might fit my strategies.