While we don’t have state income tax here we do have the hurricane tax that comes with high insurance premiums and little real insurance benefits/help when it’s needed.

You protect your assets by buying a landlord insurance policy, which comes with dwelling plus liability coverage. 

On top of that, depending on the severity of the structural issues, you will also likely run into problems getting insurance on the property or wind up needing to purchase very expensive insurance. 

To avoid similar rip offs in the future, the investor needs to bear responsibility for vetting any investment offering they're contemplating, or if not just leave your money in government guaranteed investments (like FDIC insured bank accounts).  

The main thing that pops out at me every month is that less than half of my payment goes to paying the principle down, over half goes to the interest, taxes, and insurance, ect. 

Foremost, Proper are 2 big ones.Don't skimp and get the place insured properly.

Also you should inquire with insurance agents about the cost to insure.

I 100% endorse adding in the escrows for taxes and insurance to set the buyer/borrower up for success. 

Almost all mortgage loans these days have Due on Sale clauses, so it comes down to A) whether they find out (usually from changes in the insurance policy), and B) whether they choose to call the loan.

Most Florida markets will share some dynamics though like taxes and insurance.