Hi @Torrance Womack - It seems like you are definitely mentally ready to start tackling real estate - looking for a mentor is a fantastic next step.I definitely struggled to find some great mentors myself, however, and I think that my experience could perhaps be of value to you!

Don’t have any contractor experience on paper but I do know my way around renovations, and is not scared to tackle something out of my boundaries. so I currently have 2 rental properties, had a big chunk of cash and don’t want to take the slow ride to financial freedom. this deal was too good for me to pass on; A land in a fully developed community, snatched at an out of this world price, multi family and ready to be built on not much grading needed. 

.* This makes me want to keep it, I'm a contractor who's comfortable completing smaller repairs as needed myself, and I have reserves to make large repairs on the fly if needed by hiring out work, otherwise I like the cash-flow for this property in order to build up some more reserve and start tackling the larger repairs a couple years down the road.* My partner wants to sell and get out (which we tried doing at the start of the pandemic, but because the property needs so much work we had no real interest).

If you're in the top 10% and apply the strategy relentlessly... you'll get a great ROI... and so will the other Carrot members in that market who are tackling it. 

Even though it is a huge market there are also multiple investors ready to tackle a good deal, so as there are good opportunities there are also a ton of investors fighting for those good deals.

It is truly inspiring to see someone so young have the ambition and mental fortitude to tackle a commercial real estate deal.

Now here's one way to tackle it.

Hi @Madeline J.Your first question is more geological and relating to climate change so let me tackle that first.The soil and rock underneath the Miami area is mostly Coral Rock, which is porous and is beneficial for quick drainage during hurricane season.

All it takes is open the water on the 2nd floor and let it run for a week….if it takes 6K to have them out so be it …I just make less profit..Robert, I was not going to respond to this post but thought this could be a teaching opportunity to others.As you mwntioned, this is an entirely different state and possibly different laws (assumption) from one anither.With that said, let me tackle the easy scenario.  

Just a ton of stuff to tackle and aiming to get insight from other people who have done due diligence on a larger deal like this.