If you are new, be sure you can raise the funds before proceeding.In my opinion, you are going to have a hard time raising money with a 6% pref and 70% of the profits after that unless you have a lot of newbie investors in your Rolodex. 

They have agreed to sell it using seller financing.  

Nice to have a mix seeing as it is both a winter and summer destination.Is the place furnished or do you have to do the whole nut?

I threw it into the cash flow calculator and it said it would either even out or it willl have a monthly cash flow of around 300$.

With 26 years of contracting experience, you already have a huge advantage in the fix-and-flip game.

That may have only been amazing coincidence, but that's how I got to the 5%.

So at least they think it does.

I have several multi families on the west coast  ( one that I actually manage my self in California) and it’s just one maintenance reserve fee for all doors , and a % of the total rent usually ( 8%-10%).  

We have been around the bigger pockets community for over a decade now and have more 5 star reviews on bigger pockets than any company on this website in any industry (>270  5 Star reviews).

Over the past two months, and really two years, I have been watching and waiting to see when rising inventory and higher rates will finally affect the Valdosta real estate market.