Cold calling is a heavy lift  and a time suck. 

If you're in contact with the owner/seller directly, and you don't feel there is a lot of competition (off-market), might as well start with an LOI to lay out terms before drafting a contract.If you need the offer to look compelling because other buyers are circling, a PSA would indicate more motivation on your part.

There is also the exit when you sell the property if it's in a heavy student area you are may limit your selling pool to other investors.  

The rates are competitive.

House hacking and Airbnb rentals are great strategies to maximize your investment, especially in a competitive market like Tampa. 1.

It depends what market you are in and how competitive it is, as well as what type of property you are buying?

I believe Orlando may be a bit saturated with people who have a similar strategy and goal in mind so the competition may be higher.

Lastly, as the point of number 3 with a lot of offers, know that there will be a lot of offers and if that is the case, your COE "close of escrow" will want to be shorten to be competitive, but those assumptions can take 30+ days to close (typically 35-40 days).

Best case scenario: You buy in the off-market later this year when competition is at it's relative lowest, and then interest rates drop at some point in the next few years, and you can refinance. 

What's your competitive advantage?