And of course you will have appraisal costs closing costs inspection draw fee's etc.

Before he closed on the property I pointed out that his property taxes will significantly increase after a year when the property appraiser registers the new sale, and that insurance in Florida is going up by 20-30% a year right now.  

Begin with a smaller project to gain experience, and ensure you assemble a reliable team of contractors, appraisers, and inspectors.

DSCR loans typically have higher rates, pre-payment penalties, and may not let you pull as much money out as you would like because they will be based on 2 factors: the appraised value of the home and how well the rent coming in can cover the PITI payment each month (Principal , interest, tax, insurance). 

There's a common belief that properties can "fail" inspections or appraisals or they certain loan products can't be used on distressed properties.

(Not actively purchasing as my money is tied up in the market right now)...so with the 2 lenders i've gotten here:STR DSCR Rural (not a log cabin or other non-conforming structure) just remote sfrHybrid loan 15% down, interest only investment loan with seller paid points to get to ~8% and reduce closing costs DSCR would use long term rental rates to establish monthly DSCR and then offset monthly with average DTI and 800+ credit and high cash reserves as long as DSCR is .75+additional appraisal to establish STR rate estimates to be used alongside the standard long term rental rates5 year prepayment penalty with reasonable terms

Vidal - you would want to go to a lender and have the properties appraised (different from the city assessment).

It fell out of contract a couple months ago but it had an inspection and appraisal done at that time.

He says if I pay him full asking, he would provide me with the 20% down payment since we could avoid realtor fees, and make up the rest by paying full asking (he had it appraised), rather than accepting an offer under asking.

Do you know an appraiser in the Jacksonville FL area?