Looking into buy and hold condos for rent, do you find with the high appreciation and  hoa fees, there are any room for profit? 

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Condo's typically are cheaper entries but have additional HOA costs which usually eat profits. 

They are much riskier and most often lower in profitability.

Paying 12% would wipe out most profit for me

You need to think/act fast so that you do not have deeper issues on the construction side to the point that you start to lose on profits or cannot get the deal sold and lose all your money.1.

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I do not really care about making profit.

In the event that the activity is determined to be dealing inventory by the IRS, the total taxes on the profit are high...

There are a ton of builders right now in South Florida as that is where the profit is at.