I would also like to ask if there are different questions I should be asking to understand different markets as a first time investor in a market where I do not live or are not familiar with.  

I’m not too sure what a good cash number looks like, so please let me know if I should consider rehabbing first to build more liquid cash.To my understanding, I need to have all of my profit margins in place before even considering buying a lot.

Quote from @James McGovern: I am interested in purchasing a few condos in Florida and want to understand if there are any insurance products that cover the rising cost of HOA assessments? 

My understanding is that you cannot get a tenant out "just cause" you want to move into it.

You have to ask lots of questions and make sure you have some level of understanding about cost segregation and not relying 100% on someone else, even though that is what you are paying them for.   

If we buy this loan, we need to have a thorough game plan on how we are going to be resolving this and understanding these dynamics is key to managing expectations and protecting investments.Sounds like a deal more for someone that buys partial inheritance estates and spends years piecing it together than a note investor.  

They collect the rent, deduct their fee and any other expenses they are allowed/required to pay on your behalf, then they distribute the remaining funds to you.It's critical that you review the property management agreement and understand what you agreed to.

Being in SoCal I see you already understand the need to buy a rental out of state.

Not understanding that...The $41.45 is what's called a Resident Benefits Package, and is growing in popularity in our industry.

Understandable to want 4 units.