With that, based on your numbers, I think you should go for a HELOC and I think you should easily qualify for up to $700K as HELOC limit.

If you want to reach financial independence, a good income + limited expenses will be the catalyst.

If you do decide to go with Home Depot, they have a bidroom they can put things through to potentially lower the full price, it's done through the Contractor Services Desk which only has limited hours- I don't recall if they need to attach an MHIC license to that in order to submit for bid.

In addition, if you are self-employed with no full-time employees you may wish to consider opening a Solo 401k instead of a self-directed IRA as it has several advantages over an IRA LLCsuch as much higher contribution limits, direct checkbook control (i.e. no need to have the account at a speciality trust company), ability to take a 401k loan, exclusion from unrelated debt finance income tax with respect to investment in real estate acquired with non-recourse financing, etc.

Your best bet to pricing the unit right is to look at the comps and see how fast they've been renting. 

The water was limited to a small area next to the shower.

(Google Florida condo special assessments)  And, you are correct, the HOA can impose numerous limitations that prevent it from being a good investment.

Limited space for expansion ensures a housing shortage, driving up property values and rents.

Hey Monico, I would say SFR's are going to be your best bet when it comes to finding the best tenants.

I have also bought from a neighbor and such but unless you have some boots on the ground, your best bet would be finding a realtor you like and/or search the MLS.