@Darrell Kirby, the typical sales contract in my state would provide for 2 basic possibilities if a buyer didn't perform according to the contract. 1.

Those areas typically require 30 day minimum and some areas you can rent out 3x maximum/yr.

Deductibles are typically $2,000 or more and your floor damage is probably less.

Typically speaking a 2 bedroom will bring in more if all other metrics are the same (i.e. location and amenities).In saturated and competitive markets I really do not like 1 bedroom or even 2 bedrooms as the barrier to entry is low and you will always have a lot of competition, and you are even competing with hotels at that point.Also building HOA's are scary, and Florida implemented the milestone inspection which means special assessments in most cases.Without diving deeper on all the numbers I cannot it will not make sense, but in my experience it will not make sense more times than not and it is risky.

Indian Rocks Beach is the most attractive turn-key option, but the price points reflect that.  

Mortgage brokers: are there commercial lending options that can work without experience?

@Sam P.As many have said Cap rate is not typically used for small multi family...

@Michelle Fenn Aloha Michelle — I know this is an old post, but I’m trying to figure out the best option in reporting a delinquent tenant to all 3 credit bureaus if possible.

You may want to consider working with your accountant remotely to expand your options. 

In addition to FHA, I have a conventional loan with the option to put as little as 3% down as well a speciality product that has lower rates if the property is in a designated area.