Annual registrations, point of sale inspections, turning a blind eye to the most awful owner occupied housing while being overly strict to investment properties, courts that continue to drag out the eviction process; excruciatingly slow, laborious, and expensive permit processes; evictions that continue to be granted one extension after the next... these are the difficulties you run into in those cities. 

I moved here from Florida after seeing the projected growth.With little credit history, it will probably be your best bet to build up your credit to become more lendable, or to go DSCR so the loan is strictly based on the performance of the property. 

I personally am looking a MTR in that area, rather than the beach strictly for headaches regarding hurricanes/salt.

Interest Due on RedemptionInterest is due on the amount of the successful bid at the Tax Sale based on the month during the redemption period the property is redeemed according to the following schedule:Month of Redemption Period Property RedeemedInterest First three months3%Months four, five or six6%Months seven, eight or nine9%Months ten, eleven or twelve12%However, in every redemption, the amount of interest due must not exceed the amount of the bid submitted on behalf of the Forfeited Land Commission pursuant to Code Section 12-51-55.

More for the folks that live hereI did a deep dive yesterday and prices are stagnant to up slightly in basically every Pensacola and Santa Rosa County zip code so you are 100% correct that we aren't seeing a collapse currently. 

I know it needs a few things (bathroom size) revised to make it code compliant, and I will need an architect to help navigate zoning (another thing we don't do in Houston :D), site plans, elevation aesthetics and local requirements. 

I use Owner Rez and the Schlage Encode integrates so that the lock automatically assigns a code to each reservation and includes it in the check in instructions.

Nashville definitely has laid out their regulations and been very strict on them but the good news is that they seem to have consistently stuck by them when challenged.  

I am strictly a buy and hold investor.

If you wish for each home/lot to have their own septic tank, counties or city code will usually require a minimum lot size (1/2ac - 1 ac min roughly).