Examining the T-12 operating statement is necessary for this purpose, since it gives comprehensive details on previous expenditures and aids in estimating future expenditures as the new owner.Verify that there are no omissions or contradictions in the statement.

Drive in a T post.  

If not, I would not commit 120k to a condo if that is all your cash. 120k condos are going to be hard to find with appreciation, but the more you focus on cash flow, the more likelihood the HOA is struggling (low HOA, low maintenance, low priority).You have to figure out what the best asset is for 120k cash and where.

Considering that, may be wise to hold with what you've got until you resolve those issues and see what money you will have available to commit long term without risking a cash crisis if you use your available funds and then find out you have a $50k problem on your hand with the mid-term rental.   

Also, in the right areas in Tampa it seems that a STR could be great, and my fiancé does have enough free time to cover the extra time-commitment a STR would require, that part wouldn’t bother us. 

@Henry T. - i like to think I’m pretty handy, I’m am a retired mechanical engineer.

I am looking to acquire my first rental property in 1 year and make real estate investing my full time commitment in 15 years or less.

Quote from @Bob T.: rentperp's live chat is pretty quick.   

We understand that every property has unique needs, and we're committed to providing you with the customized management plan you deserve.

Second, the renovation/construction budget is usually structured on a draw schedule, where the funds are held in escrow and released as work is committed.