I'm also in FL and am a RE investor (STR/MTR/LTR), developer, and just love RE and the freedom it brings.

My piece of advice would be to research emerging neighborhoods and focus on areas with strong job growth and infrastructure development. 

While the interior is nice, the first-floor kitchen and bath are original from the 1940s.

For the community development dept, you'll need proper plans (architect), site survey, permits, etc. when you're ready. 

Instead of a traditional down payment, I would give them some money (maybe just to bring the loan back to even).The upside if taken over the loan at the current balance, with some rehab and hopefully getting the front lot back would be a nice ROI. 

Lived in Columbus for 13 years, 600+ transactions, development experience, new builds, 40+ rehabs, DM me if you want to know about the market. 8+ years on the forums advertising and building relationships with investors in almost every state.

Nice approach!

Our two story more family homes started at 500k and have ended up at 675k to 725k.. with our original nets at 100k ( was the goal) to now we are 100k to 150k NET NET NET on those.. we have 17 more to deliver and 11 are presold at those high numbers and so if I can keep lumber where i need it we should have a very nice last year of the project.

I'd work on a strategy that returns my capital guaranteed. build to rent direct with ground up developer does this.

Don't wait for problems to happen before developing a solution.