@Matthew WardYou are correct - Florida does not have an income tax on individuals.If you operate out of state - a portion of your income may be sourced to a different state.You may be required to file a non-resident state return in that state.The Federal tax return reports income that you earned from worldwide sources.

[Which is one reason you should always try to buy extra equity than you're paying for, in the first place. ie.

My brother was able to pull in lots of extra income and the music school did great.

Are there extra steps I need to take to protect myself?

Back then, over a year ago, I had nearly all my extra money in stocks.

A lot of the increases in market value and cash flow were earned through sweat equity and a lot of hands-on-work.

This project will add about 550 sqft of extra living space. 

Is it worth the extra ~5k plus LCC fees 2.

Shawndrika Hardie if you got your RE license you could earn referrals for those people who want to find rentals, or commission on buying and selling.If you want to wholesale try going to the county records office to generate leads

The condo has 9 years left of a 15 year at 3.5% Only costs I see with condo (other than the 23 extra a month) are yearly assessments from HOA, home appliance replacement, AC replacement, and a month here and there searching for a renter.