I’m based in Tampa and run Graystone Investment Group, focusing heavily on helping (out of state) investors find and manage properties here in Florida.Totally agree on the importance of understanding those short-term rental rules in Florida—each area can feel like its own little country with all the different regulations!

While continued learning is important, experience is the best teacher, so take that first step.Good luck!

The house I would be renting has a current mortgage (including escrow) of $1,100 per month.

While fire safety is undoubtedly important, a mandatory sprinkler requirement may have the opposite effect—discouraging necessary renovations and inadvertently making these buildings less safe.No one disputes that sprinklers can help save lives in the event of a fire.

So it does appear to be possible to get an FHA 203k loan for a 5-unit & convert to a 4-unit.When possible, aim for the Limited (aka Streamline) 203k loan, as it's less complex, not required to get an FHA consultant, etc.Of course, this is based of the two following important assumptions:1)  zoning allows for this2)  and obviously I owner occupy for at least 12 months3)  the total purchase price + renovations are within the FHA loan limits specific to my areaWhat I'm confused about is the timeline or chronological order of the process? 

Do you include specific clauses in each of your subject to deals spelling out exactly how insurance on the property will be handled?

: Buyer demand is way down making it super important to pick an A+ location and as stated above, don't skimp on interior design.💡 Tips for working with contractors and keeping projects on schedule?

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Additionally, the property includes an outdoor swimming pool.The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

Feb is down, but February is always slow, so I guess context is important.