For the job I will be having a wall knocked down and will be looking to put in an island. 

Expect them to behave like one.

I don't know what marketing streams work best in Panama City, but be have a lot of success from direct mail.

In order to select a good tenant the property manager needs two things: Multiple applicants - If you have only one or two applicants, you are stuck.Financial history - Past behaviors are a good indicator of how people will behave in the future.In Las Vegas, the vast majority of tenants renting properties in the $400/Mo. to $800/Mo. range live cash based lives.

Definitely run your numbers to include the rent, all expenses, plus the condo fee and management fees (if you will be having a manager take care of the place down the line) and see what your cashflow looks like.

I just had a long conversation with a co worker the other day about this topic, more and more people seem to be having issues with them in wood decks and trim boards.

Tough patches don't last long when you behave that way.

The Brew City Real Estate Investing Meetup is the last Saturday morning of every month; however, due to the holidays, we will not be having a formal meetup in December. 

I think the problem you may be having is knowing the type of tenant you are looking to serve.

Another thing to consider would be having a third party handle escrow for a small fee.I've never offered owner financing, only considered it, researched it and spoke with a lawyer about it.