The property I purchased was originally my residence and it now a rental but for all intents and purposes I am brand new to real estate investing.I would love to hear from those who have used either of these strategies or any alternative ideas.

Alternatively, use the BRRRR strategy to rinse and repeat so that you can get the maximum out of your initial investment.

If I can figure out how to get private funding or alternative funding of some sort (price is too high for anyone to loan as a SFR), is it a good idea to buy it?

You will hear others on hear call it a fad but I’m not so sure as more communities are cropping up and it’s an affordable housing alternative for some that want it.

If you want to PM me I can share details on my own experience and also put you in contact with a few people that do alternate types of investing for out of state folks such as yourself In the end...I would take the time and money back and invest it in networking and building my own team.

Thank you for explaining (even from the cheap seats) some alternative qualified investment ways we can exchange into @Dave Foster! 

A good alternative to the 1031 exchange!

Alternately someone with experience working with Investors within Florida would be very welcome.I'm looking in particular for someone to qualify tenant buyers for properties I have under contract.Many thanks

Lenders have now come around to the fact that this template can be safe and viable alternative to traditional fix and flip funding.

@Michael LiddicoatThe seller can accept seller financing(installment plan).This would allow the seller to report gain and pay taxes over a period of time instead of all at once.The downside for this is that gain attributable to depreciation recapture is taxed upon year of sale.An alternative would be to do a 1031 exchange.