The issue though will be a lender will not give you 100% acquisition if thats what you are trying to do by getting it at a discount. 

I found the issue yesterday with the help of a plumber.

I am licensed in FL by division of hotels & restaurants and also a licensed RE broker so me holding funds in escrow is not an issue. 

@Shaheen Ahmed maybe look at this in a different way - where are you going to invest where property taxes are NOT an issue?

Quote from @Shane Haas: Looking at purchasing a foreclosure cash (with help from parents), and then financing the home shortly after renovations are made. 3 questions: Are their issues with them giving me funds to assist with purchase?  

Double check on permits if the previous owners has done a remodel.Do not rely on agents representation.Do not work with a dual agency as a buyer, the agents first commitment is to the sellers.Allow at least a year of seasoning before determining the profits of an investment.Happy to share.

That's not the issue.

Not sure what the issue is there. 

These include accidents (I recently had 2 units destroyed by fire), natural disasters (I have had two units each hit by 2 hurricanes), property management turn over (they sell or stop being as good, I have experienced both), or turn over of team (I am turning over at handyman and I suspect plumber), or just wear n tear of property (slab leak in poor location, sewer pipes rotted out (one unit this month), roof, foundation issue, etc.).  

You have to make sure you follow the STR permits laws though.