I had a FL rental that would sit vacant in the summer because no one wants to move in 100 degree weather. 

@Andrew SteffensYou're very welcome.Yes, the financing conditions are often better in the US but that advantage has all but disappeared with the new normal level of US interest rates.

A prospective renter would have to spend a few minutes rifling through her stuff to find the money and then leave her room in the condition she claims.

The place is newly renovated, and I was expecting it to be in turnkey condition since they said it's move-in ready.

FS ch. 82 was amended to make it much easier for the property owner, but certain conditions must exist to take advantage of the expedited manner.

However, before using your home equity as leverage, think about how it will affect your total financial condition and investigate the possibility of a higher appraised value after renovations.Speaking of which, it's imperative that you obtain a current appraisal in light of your recent progress.

Got a three unit in livable condition, but needs modernizing and a few repairs.

The specifics should be clearly outlined in the lease agreement.Documentation and Approval:Document the TI allowance in the lease agreement, specifying any conditions or restrictions.

The market rent puts all three together at approximately $2900 monthly.Now here are the details and costs behind the acquisition:Property taxes: $5000 yearlyInsurance estimate for all three: $3,300 yearlyC-class properties (not best location, their condition is about average - older properties)Purchase price: $250,000k$15k down and $235k seller financed at 6% interest for 30 years. 5-year PPP. 

That street is definitely in a transition phase and given the current market conditions in my opinion you would have to discount units in that building to a point where it wouldn't make sense as a STR.