You're right, we're a resilient city and a lot of neighbors helping neighbors.

Always have a detailed scope of work and a price in a written contract.  

Selling PT is very difficult and as a young student it will be difficult to find much success.

In addition to conventional loans and FHA loans, if either you or your wife are veterans, the VA also has a rehab program.I'd be happy to discuss my rehab experience both as an investor and as a mortgage broker, and at least help you think through your options. 

As an investor - if I was putting $125k down I would want title in my name and a clear title policy - so that is where I would have the issue. 

If you are going to finance your rehab then use a LLC to purchase and a rehab lender for financing. 

My concern with declining values, increased inventory and a weaker economy would lower rental income and could potentially put me into a negative cash flow situation.

If I put all of my eggs in one basket (Florida in this case), paid off property and a hurricane blows everything away, FEMA is nowhere to be found and the insurance companies take years to pay what little claims they actually do pay, I suffer through it in a blown out house.

I was 17 and a half years old! 

But day trading is a job at best and a nightmare at worst.