Normally hard money lenders require 15-20% down and they cover 100% of the rehab costs.

SBA won't loan on the gambling income, or anything passive- your bottom needs to be in the gas station chair.SBA loan now takes LONG processing time unless you go direct.

You're coming from CA, so $350k is a drop in the bucket in your eyes, but in the normal world of RE, to pay $350k for a property and have drug dealing outside the property is not ideal.Florida is great for STR's.

Normal/standard colors are fine and will be rented out fast.

So no, I do not think this temporary "weird" market where rates have moved back to historically normal levels, and demand has remained at relatively high levels is going to change valuation methods that have been in place for many decades.

Furthermore, now even lavishly furnished apartments, thanks to Newsom, will be limited to being secured only with a SINGLE month of security deposit in CA which CANNOT be applied to 'normal wear and tear' of furniture either, so if the tenant in a furnished apartment never pays their last month of rent but wears and tears down all the furnishings, it seems landlord would still have to give back the 'security' deposit on move-out, not being able to apply the 'security' deposit to last month of rent in arrears NOR the worn and torn furnishings?!

HML are normally 1 to 2 years or so.

if that is the case, do you believe that the saved cash flow after the renovation and normal expenses/emergency funds, etc. would be enough to gain a down payment on the next property within 1-2 years?

This doesn't mean you can't pay the loan...if the loan isn't paid, the lender can foreclose on the property just like normal. 

Fix and flips are normally not eligible for a 1031 exchange.Furthermore, an LLC likely won't be of much help in your situation.