Educate the land owner on the potential profit run the numbers and go over the basic proxy and blue prints.Make sure you have a seasoned and qualified Builder/GC because they can be a deal killer with wasted time and inflated material and extended completion dates.

In that case you should get an attorney involved as encroachment would be a material issue that if known should have been disclosed both to the broker and to any potential buyer.  

@Henry Perez  Things like websites, bios and marketing materials help on credibility as well as your LinkedIn and Facebook profiles. 

Now just realize it will STILL need to be demoed , they dont burn it to the ground , and demo guys hate dealing with burnt materials . 

In terms of STRing in St Pete.

Replacing one bad fixture between material and labor can end up being 3X the cost of buying the better quality fixture in the first place.  

The appraised equity rarely materializes on a sale in these markets but the appraisals offer false impressions of the "asset" that was acquired.

From my research, I'm seeing $100-$150/sqft depending on complexity and material.

The cost of labor , materials , property taxes , inflation , interest rates  etc .

You could argue that your property has not materially improved and does not meet the same value as the most recently sold properties.