I would also recommend doing your due diligence on the new lender, and make sure they are not just a salesy loan officer trying to win you over with term sheets that don't exist... 

Most of them do not and can even hurt you - as your S-corp with rentals. yeah this was under the guidance of the tax professional i went to.

I am doing this now and included Seller's transfer tax.

Check with a great tax professional!

if not, how would you plan to pay that bridge loan off before the balloon comes due?

If you were to buy a similar home, the interest and property taxes alone may amount to that much, which, in my opinion, is a waste of money as well.

due to it only being a year and not much equity in it.

Prorated rent due on the first day of the month.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

Florida did just have back to back hurricanes but a proper master insurance policy and coverage usually covers that type or perilYou are facing a declining cash flow situation which is due to the HOA fee's so while there is still a profit and you have equity sell and look for a 2-4 units.