Is it also usual to be charged 10% of the monthly rental plus an administration & management fee initially and then a balance of $300 for any maintenance or emergency repairs.There is no indication of when the rent is passed on to the landlord, whether this is monthly, quarterly or annually I'm not sure.Any advice on your experience with PM's would be much appreciated as well as any recommendations for good PM companies in the Tampa area.

You pay the balance when they are able to convey the deed to you. 

Depending on where the land is (county & state), the reason I say you must get rezoning approval, at least in my area, is to change the use of the land from its defined use on the Master Land Use Plan.Suppose you have 11 acres and the house, and you separate the house with one acre from the balance of the tract leaving a 10 acre parcel of vacant land.

If I just issue a credit memo how do I DR the balance in the tenant security deposit?  

I'm just basically looking to get out from under the loan by repaying the balance owed on the mortgage currently and being able to then move to a more desirable area for me and my family.

well I walk into their office and ask for their financials, ask about future special assessments, look over the balance sheet, ask about limits with renting units ect.

For @Ross Ellington to get a second VA loan, he will have to pay off the first loan balance and apply to have his VA loan entitlement reinstated.  

With that said, I am a somewhat debt adverse guy  (although you could not tell from my balance sheet) , but I am still voting for you to rehab that unit.  

I used US Bank's business checking and it has no fee as long as the balance is higher than the min (~$150).

If you find someone successful at what you want to do ask them to work for them in some capacity for free so you can be close and learn from them.Rich Dad Poor Dad by Rober Kiyosaki was any eye opener for me to start understanding the flow of money and a financial balance sheet.