We found the Elysian Fields Ave property through a direct seller connection, leveraging our network to secure a favorable purchase price.

@Anibal Mijangos - Rental arbitrage is a great business wherever you can find below-market rental units and favorable STR regulations in strong Airbnb markets. 

At some point locals did not want to live there anymore and to keep the business going the ONLY exit was basically to Investors for rentals in addition Katrina brought up a huge amount of folks from New Oreleans that did the area no favor.

I will say that the odds this scheme works in your favor is very limited.

Florida is a fantastic choice with its favorable tax environment, lower cost of living, and diverse markets.

But the best ways to get started are, in my opinion: 1) save up enough for a 10-20% down payment and then save a lot more on top of that for reserves, overages, and any unforeseen repairs.    2) have your financial house in order and have credit above 700 to get more favorable rate and terms from lenders.   3) speak to a loan officer that is experienced with fix and flips and get the necessary documents together for a pre approval (typically not much required, usually a valid ID, LLC docs if any, and two months of bank statements showing funds for down payment and reserves). 

In effect, the government is changing an existing contract in a way that favors the tenant without compensating the LL but also taking away LL options that the LL had when the lease was signed.  

If you don't know how to do any of this, I recommend you hire an attorney to help you with the process.Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO.

The biggest challenges in fix-and-flip investing often involve securing reliable financing with favorable terms.

The cash you get coming out isn't income, it's a loan, so you have very favorable (non-existent) tax issues.