If it holds up under these conditions, you've got a solid investment—better safe than sorry!

Obviously I want to keep my costs low but still want to spring for amenities that would give me a competitive edge compared to other rentals.

.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

Will likely take longer to close than a traditional hard money (they have to order an appraisal, satisfy lender conditions etc..).

Quote from @Shayan Sameer: I would reach out to a couple lenders see if you can get some competitive rates and also see about the points too that they are charging..

I used free tools like Zillow and Redfin to come up with a home value, asked him some questions about the condition of the home, made him an offer, and he accepted it.

I believe that while it is a buyers market and renters market right now, these conditions will change within 5 years, because: - The long-term fundamentals that drive people to migrate to Florida remain unchanged, and a steady influx is a reasonable expectation. - Supply will abate. 2026 and 2027 will see less than half the deliveries nationwide of of 2024 and 2025, respectively, and I bet that is even more extreme in a market like Tampa.

Managing property can either be a lot of work or fairly hands-off—it largely depends on the property’s condition and how well you screen potential tenants.As for deciding between the two property types, it really comes down to your long-term goals.

Unresponsive to owners for days on what is the condition of their property?

I'd likely just agree to break the lease with a couple months of rent as a penalty rather than force these people to continue being tenants in my property....you never know what will happen to the condition of the property.