I think it will cost more to heat with electric, which will drive down his rent rates and hurt his bottom line.

If not and you wrote them the check, then most likely the $ is gone and suing for that money will cost you more than $1000 unfortunately.So cancel the agreement and request the funds

Keep looking down this road I don't believe that you will be disappointed. 

For instance, the area closest to Disney is actually less saturated and has many homes that can be renovated to a high standard and will book well.A bit further from Disney, in newer communities such as Solara, Windsor at Westside, Windsor Island and others, you can find deals in this market.

Quote from @Patrick Roberts: Angel oak and A&D mortgage are two of the bigger lenders that I know of who will do 2nd's on investment properties as of a few months ago.

Most real estate investing books will answer this question, and there are a lot of blogs about the topic.

How long are you going to own it and when will you try to sell it?

They might be willing to give different terms especially to a high net worth person that they can likely make money on cross selling.

Who will show it to potential renters?

Not one single strategy will work for every property.