@Nithin Thampi You will likely get more bang for your buck buying an existing property as opposed to new build which often has higher cost per sq. ft. than existing properties will.

Great way to supplement your existing marketing channels. 

Jumping into your existing agreement is a huge savings for them, with no benefit to you.

Asking for help is not necessarily one of my strong points, however I truly believe in the knowledge that exists within this forum, and I would highly value any and all mentorship that may be available to help get me going in the right direction. 

What should I be careful about compared to buying an existing property, and are there any key differences? 

Closed at a title company I Have the deed I own the house I am looking to pay off the existing mortgage that is not mine. 

I know many variables exist, but I am conflicted about whether to build or invest.

I understand that a rental listing will not generate as much as a sale would, but I think a minimal standard should exist (especially since I plan to buy properties in the future).

I still do have a mortgage on that house, so planning on getting those monthly payments to pay existing mortgage.

Hey Daniel,That is great that you have defined your metrics, but as @Ray Hage stated, a turnkey 7.5% cap does not exist in Miami unless you are buying in the really rough parts. $250K a unit is also somewhat realistic in those submarkets, though not impossible.Your best bet is a value-add strategy on something that has significant upside with a high growth submarket.