One exception to your thought process many times in those areas that decay like that Commercial LEAVES and the nice NEW shopping gets built where there are nice new homes and incomes that can afford to shop.. what a lot of these areas is left with is the corner liquor store .. you know the ones that have Bullitt proof windows and sell cigarettes' one at a time.. 

.$490K * 80% LTV = $392K, less $225K payoff of old loans = $167,000 to go shopping for your first MF property. 

Le Marbella Tower Condominium is walking distance to the Atlantic Ocean, Samson Oceanfront Park, Sunny Isles Fishing Pier, Norman S.Edelman K-8, one of the best public schools in Miami-Dade County, shopping centers, and restaurants.

As the others have stated as well your pricing seems high so shop it.

Once they have a property under agreement then go shop it to a bunch of lenders to find the best mortgage.

Also if your local would love to meet up and talk shop.

What would you recommend when shopping with lenders what questions to ask, and just how to be efficient as possible. 3) Lastly, when I spoke to the lender he mentioned a 203k loan to me I’ve been watching YouTube videos and just googling as much info as possible.

I don't expect the experience to be a cup of coffee or a steak dinner, but a genuine professional opinion on the property with cost numbers for repairs and renovations.Not so worried that my due diligence may cost me a bit more than a SFR or a turn-key property.

Besides ask yourself who shops most at those stores you mentioned? 

I have a few SFH in decent areas and am shopping for property management.