I looked at something similar about a decade ago which was some camping log homes in upstate maine which was a beautiful place but the place did not have power (only generator) and heat was via fireplaces.

I had found a breakdown from 2013 for the Trump Miami Condotel.  

And if you do not think you will get caught, a lot of nosey neighbors will call you out on it (we did not rent a basement but we had built a shed as an outdoor dog house that was heated and air conditioned and someone called about that on us...).

Updates of heating, adding cooling, and electrical.

For context, I’m active in Columbus, Ohio, but I also spend a lot of time in Miami, FL.

We have also completed some exciting improvements including retyring a boiler for heat/cool ductless mini-splits and 9 units being electrically updates.

Are you only looking in Miami for deals?

And heat and cool can only be turned on by them, with their phone. 

In other words, I want to make the argument that even the worst-case scenario is better than allowing the house to sit vacant for several years while meanwhile paying out-of-pocket for taxes, minimal heat, lawn care, etc.

Alhtough values continue to appreciate, home prices are coming down as competition gets heated with more homes on the market.