Drug issues in the area?

Hey Elizabeth, Since you are selling your business you are likely getting capital gains treatment on that gain if you have owned the asset for over 12 months.

That can include roof, water heater, HVAC, plumbing, electrical, mold, rot, warped floor boards, bad foundation, termites, sink holes, fascinating animal occupants, bad reputations (that was a drug house or had a fire or was used for other things that I don't want to mention), and so on.

I would ask for them to pay for a termite treatment since it is unknown.

You're coming from CA, so $350k is a drop in the bucket in your eyes, but in the normal world of RE, to pay $350k for a property and have drug dealing outside the property is not ideal.Florida is great for STR's.

All it does is takes your already calculated tax basis (again - your actual acquisition) and identifies some components of that basis that have more favorable depreciation treatment. 

Rent for POH x2 is 450/month4th unit empty and needs large renovation ($8k or so) or drug off. 

@Kevin Sobilo is correct, this property will more than likely not qualify for 1031 exchange treatment.

You may find buying what might appear to be a lesser cash on cash return rental asset that's held long enough to take advantage of more efficient long term capital gains tax treatment, while paired with the benefits of the depreciation might yield a better after tax return than flipping a home.

Just go to a local home goods store and you might find some cool options.I recently redid my own place with new window treatments, and I found a helpful comparison website to check out various options and prices.