If similar homes are sitting for 30-70 days, it’s probably a pricing issue.

live in sarasota and am mobile

It will take 19 months of cash flow to break even.This doesn't account for any maintenance issues or a really bad renter.

Your biggest issue is that $50k may not let you get a nice house and have any reserves.

What is as important is that you require the insurance to be issued with you as the landlord as "additionally insured." 

There's a good chance the issue(s) you face has already been discussed and answered.Ask questions in the appropriate forum.

The main issue is your exit is capped so if your costs go up, your profit goes down.

If while asking the questions the loan officer says that the sub to property that you are getting ready to buy would become an issue then just close on the sub to property after you close on your refinance. 

Renovations were quite a bit more than we had expected due to more issues than we were aware of.

Here are a few to watch out for:Property Condition: Most distressed properties need extensive repairs or renovations, which add to your initial investment.Competitive Market: With Phoenix's popularity among investors, competition for the best deals can be intense.Complex Deals: Foreclosures, auctions, or short sales are much more complicated compared to regular real estate transactions and usually require specialized knowledge.Tips to Successfully Navigate the MarketDo Your Research: Understand the local market conditions, including neighborhood trends, property values, and potential rental income.Build a Strong Network: Work with professionals who specialize in distressed properties-such as brokers, contractors, and legal experts-to make the best decisions.Assess Costs Carefully: Factor in the cost of repairs, holding costs, and any potential financing issues when evaluating a property’s profitability.Be Patient: Finding the right distressed property takes time.