@Jim GoebelThank you very much for sharing your perspective, your thoughts are very useful for me, I have a little break from managing everyday issues, so I was thinking to make some decisions on who is responsible for  working fire detectors, what company to hire to check detectors and other safety issues, I am going to sign an addendum/reminder that people would not use basements as a bedroom if there are no 2 exits. 

I have been thInkIng of signing up for a property management franchise (my wife is a realtor) so I can hIre them on my payroll.

They aren't for everyone and I AM NOT signing up for their educational system, which looks incredibly valuable, I just want to save the money I have for closing costs and any down payment I might have.  

I've narrowed my strategy down to two routes: send mailers out to my county tax delinquent list, or select a neighborhood that is mainly vacant but is fully platted and has some new construction popping up (there is a specific neighborhood I have in mind). 

Specifically I'm curious about bandit sign placement/laws, reputable transitional funding in the area, local investors residential/commercial, as well as local REIA groups.Any wisdom on these topics is more than appreciated.

@Brian Dombrowski any time you are providing private money, whether for equity or as a loan you best bet is to have a lawyer that specializes in RE draw up the agreement and assist you with the structure.There are a dozens answers to your question depending on many items, with who and if all the investors are under the same LLC etc. etc.Every investor I know that has done private financing had their lawyer draw up an agreement that the "borrower" accepted and signed. 

If the unit is vacant, how can they guarantee a price based on the rent unless you delay the closing until the lease is signed?  

I would imagine that how/when they pass along rents is stipulated clearly in the management agreement you signed with them.

After all is said and done, signed off on and closed, can I create an in-law that collects rent and not have it considered a 5 family (town is fine with it so that's not the question) But as we know  a 5th "apartment' pushes me into commercial in ways I'm not interested in,  so only want a 4 fam with a legal in-law if possible.  

super exciting, congrats...watch out for remaining open and pulling permits..Duval, border counties, like never before are targeting dumpsters, we buy houses signs, dinging for anything, door permits, etc....I "think" its because of insurance companies, and past hurricanes, the county is hunting and penalizing hard like never before......aggressively  against investors..the city turns a blind eye to children not in school during the day, rather than enforcing, but is looking for rehab investors to penalize and enforce.....maybe thats where the $$ is..