Buying 25% below FMV is tough in a market that has 5 times more demand than supply.

New supply and rising expenses are probably even more impactful.Florida has some of the most new construction going on in the country, and is seeing rapid increases in insurance costs.

On the other hand, if you find a supply vs demand imbalance in a cheaper market, prices and rents can rise unhindered. 

When the area eventually becomes saturated or supply exceeds demand, all you can do is race to the bottom to compete on price.

You could start by giving them a month's supply of one of those brands and tell them they have to flush more often (twice per use).

Simple economics, supply and demand. 

I know that I can write my travel, supplies, and food expenses off of my taxes while on that trip.

What about repairs, supplies, and other expenses?

I recently had an estimate of $20,000 to create a basement egress window and I put my foot down and told my GC that I was going to rent the excavator, and we found much cheaper supplies, and were doing the project ourselves.

In others experience is this return worth the risk given Multi-family environment ie supply, interest rates, project specific risks, illiquidity risk, and more specifically the Preferred Equity subordinated tranche risk (this sounds like just a Mezzanine loan without recourse).