If the latter, then no it is unlikely you will be able to live off the rent because the expenses of carrying the house are so high. 

When it’s vacant land you typically do not carry instance on land.2.

@Randall AlanWhat kind of insurance do you carry if you have SFR in Florida? 

It sounds like you will breakeven which is better than carrying a negative cash flowing property for years.

Carry appropriate types of insurance.

@Carrie K.

A Heloc is a open end mortgage like a credit card so its an additional trade line on credit, cannto never be used as an Asset, PITI reserve, and its a DTI killer in most cases.A heloc is also usually set up on a shorter term versus a mortgage, carries a Higher interest rate, and most carry a interest only with a prepayment penalty.

Hi,I've been researching seller carry back financing for multifamily, and have talked to a few commercial lenders willing for the seller to carry the down payment for a apartments.

So, if it's a typical agent listing and the listing agent gets his 3% - on a $600,000 house that would be about $18,000 plus the $50,000 over list, plus carrying costs for 6 months at $2500 per month ($15,000), that comes to something like $83,000 - none of which comes out of his pocket, he says. 30 minutes in at www.youtube.com/watch?

Be prepared for things like carrying costs, permits, and any surprise repairs that come up.