Distressed properties used to be a dime-a-dozen in Florida, now they are drying up.

Hi Sam,I'm in the same boat as you....that is, learning, reading, listening all that I can (for free, which is cool), but still haven't made my first purchase other than the house I currently own and live in (i.e. not an actual investment property).I live in Jacksonville and have been scouring the market this summer, drove by some properties today in fact (they weren't what I was looking for, though).I'll say that it's drying up a bit, but I don't mean to dissuade you at all, in fact I think there are still tons of great deals out there (here), but the time is now.

Water had run down behind the siding and rotted the sheathing and some of the framing.  

Basically, the market goes dry both in supply and demand.

If the house is old and you haven't done repairs, chances are its just the spackle drying up, someone did a crappy job at sanding it. 

landromats are huge tacky turnoff to neighborhoods.. unless well kept and dry cleaner operated included.

(We had a slab foundation but I would imagine pier and beam with wood subfloors and floors would dry just like the framing will).

Be sure your house is completely dry via moisture readings all around before you treat for mold and hang sheet rock.I would also advise you to hire a profession to spray for mold and get a certificate.  

The HELOC gives you lots of flexibility without rushing you into a deal (every second your money sits in the bank, you're losing ROI).I have a $110k HELOC that I keep in reserve for when my liquid cash runs dry.  

If you can't find a buyer you might be leaving the seller out to dry.