I heard a story today of a condo owner whose entire complex was lost.

Miami is a great place to invest both for short and long term rentals and with condos, property management is simplified but be sure to ask about HOA fees as early as possible especially if you intend to go with a DSCR loan.

Most of the surrounding properties are one-story condos in the area, this is a three-story townhouse.

For my rehabs, I pull owner builder permits where needed even for work done by licensed contractors.My jurisdiction does not require permits for cabinets, counters, or flooring replacement.  

Townhomes and condos will not fly for this reason.

What is the flooring material?

-If its a large house that has a dedicated laundry room on the first floor, throw in stackable  laundry units on the bedroom floor.

A contractor was there that day to fix the floor, and said there was not problem with the heat.

You mean the water was so heavy that it cracked the floor joists and the entire floor and basement ceiling fell in?

(I would be floored if I was a current upREIT investor in the RE Gain Fund.)