I know folks who bought strip malls and multi-tenant retail in 90s for 5-10 cents on the dollar at auction from Resolution Trust Corp after Savings and Loan crises in Texas, We are now going through similar deleveraging event after super frothy period in Multi-Family due to 0% fed funds x 20 yrs and many properties bought at 3-3.5 cap rates, especially in austin/dallas/H-town. 

Typically, at today's prices, to keep a house in good condition long term, you probably need to reserve about $400-500 per month for things like roof, HVAC, water heaters, new flooring every 10-15 years, new kitchens and baths every 10-15 yrs, etc.And remember, if you are looking at "high cash flow" areas (also known as lower end areas) with lower end rents, a refrigerator that goes out does not care whether you are getting $500/mo in rent or $5,000/mo, so using a percentage of rent, as commonly practiced, is not a good strategy.  

If we move to PR and we sell the property after 2 yrs: 1- is the 2 out of 5 yr rule still apply to me in FL? 

@Dominique Guinnane  thanks   1) keeping the price up is improtant to the seller  ( even if they are parting with the  credit / concession for the  temp buydown )    2)  the  lower  rate  for the  buyer  is enticing  as they  can  get a lower  discounted  rate  for  2 yrs   and then  possibly  refinance to a  permamnent  lower  rate/ payment when and if rates   drop ......thus the  2-1 buydown  can  be  more attractive to all parties  versus   dropping price  by 20K ( usetting seller )  and  having to  see the buyer  complain about taking a higher  payment / rate on the loan

A 30 yrs in a LLC was offered at 4,25%.

I have become interested in signal family rental to supliment my income when retire in the next 10 yrs.

As far as renovations go, I think I could get decent rent right now w/o the reno, then in about 2 yrs when the mixed use development has grown, I'll rehab the place and raise the rent.

That was 20+yrs ago... still miss it but, don't miss the headaches (which I didn't mind at the time of course) lolIt's going to be different with it being as a Rental or Investment for you (instead of your own home). 

Not sure if your inferring my 30+ yrs knowledge and experience isn't enough or just telegraphing your supreme deficiency in powers of assumption. 

I have 1 rental property now, I've had it for about 3.5 yrs and it's doing very well.