Hard Money Loans: These are short-term loans from private lenders based on the property's value rather than your credit score.

Another thing to consider, most single family bedrooms rent for 800-1200 monthly depending on the area.

On one side of the fold is your short term 6-12 month goal, on the other side you put your mid-term goal 3-4 years and then on the back you write down that Big Hairy Audacious Goal (BHAG) 10 year goal. 

One thing about Florida, make sure you know what insurance will costs on a property before making an offer.

Did you know that you can acquire your a primary residence from up to 1-4 units for as low as 5% with conventional. Many buyers/investors are using this strategy to invest in real estate.

- get into real estate w...

Yes, check w attny as per @Ben Trageser.Also, see if you can negotiate with the seller to get the illegal unit delivered vacant on closing. 

One of our biggest clients plans on building more up there and meeting another GC or two would certainly make sense.

@Connor Williams yeah, what the above posts stated but it's formally called "Forward Commitment" when a builder does it (if you want to google more on it).  

You just won’t have rent during the rehab period, you don’t need to deduct it from anything - just don’t plan on getting any.

I would personally have some traps and poison around perimeter of house depending on severity.