But one of my clients has most of his portfolio out there.He buys cheap, renovates and rents out.

I work with mainly buy and hold investors here in Cincinnati.

Table 1-4 is the Rollover Chart in IRS Publication 590 that can guide you.

You can probably find good deals in Tampa right now, but I'd be very strategic about where you buy and yes, insurance and taxes can be killer, but there are plenty of investors there and for good reason. 

And using the process buy a new property or properties that you also intend to hold for investment use.The issue for you might be that you purchased this property with the primary intent of selling. 

Some say we have to buy the house with them or we paid too little for the property and finally after going back and forth and submitting all our paper work and paying for appraisal they now tell us they didn’t realize that the property had so many bedrooms and they said they do not loan to properties with so many bedrooms.

Investment Info:Single-family residence buy & hold investment.

I'm not sure if that is because they are considering it lots of little repairs so it doesn't fall within the guide line or what.  

Quote from @Kaushik Sarkar: Hi,I am looking to invest first time with a turnkey developer,  who is buying the land and building a multi unit commercial retail center and some apartments.

The seller had attempted to buy me out of the deal but ultimately realized they had no legal grounds to back out.