So your super basic P&L may look like: $30,000 Rents-$3,000 insurance expense -$9,000 interest-$3,000 taxes-$8,000 operating expenses-$14,000 depreciation ----------------$7,000 loss on paper for the year  so negative taxable income But remember- $14k of that (depreciation) was something we didn't actually spend money on- so cash in bank at year end would be $7,000. 

A lot of sellers are panicking, thinking the market’s going to crash, but they don’t really understand what’s happening behind the scenes—demand is still strong, people are still moving to Florida, and that creates opportunities.I own 32 properties, and I’m always tracking values—rents, insurance, taxes, all of it.

You didn't mention the higher Florida insurance costs. 

Secure liability insurance to protect against lawsuits or property-related claims.

You could even try reaching out directly to local agents or small real estate firms.

2) Their contractor must be properly licensed and insured and we require copies of all this.

On insurance side of things, there is a lot of variables.

The taxes and insurance sound like where we are in St Augustine and NY. 

Most Florida markets will share some dynamics though like taxes and insurance. 

IF you need 100% financing and lets say its $200k deal, the lender will be interest only at $150k at 12% = 1500/mo + taxes. insurance etc.