As Catherine stated above, the Tampa Bay area is very hot for flipping houses right now.

For people traveling through the southern most counties, it is clear that there really isn't much of an economic recovery. 2019 Proj Total Housing 546,9665.18%2014 Proj Total Housing 520,0092010 Census Total Housing 442,2112010 Census Occupied Housing 389,06488%2010 Census Vacant Housing 53,14712%2014 Est Median Value of Owner Occupied Housing 103,5852014 Est Median Gross Rent 6902014 Est Owner Occupied Housing 268,89862%2014 Est Renter Occupied Housing 166,97438%2014 Est Owner Occupied Housing Vacancy 2.44%2014 Est Renter Occupied Housing Vacancy 8.07%2010 Census Total Households 495,358The biggest employment sources are: government, manufacturing, health care, retail trade, and accomodation/food service.

Small world, my sister and brother-in-law own Hot House Yoga in Midlothian. :) 

What impact does this have on the sale in a hot market, none?

Unless the deal is smoking hot, which you could go the HML route, you're not going to get funding without putting a decent down payment down.Edit: Forgot to add the route of FHA+203k loans.

The way the home is ran financially is not with that, but the home is in a hot real estate area.

What happens if within the first 60 days you have to replace a hot water tank, HVAC system, and have a major plumbing issue where the entire house plumbing lines have to be replaced and you're out $20K+... 

Given that multifamily has been hot lately, I do expect valuations to go up. 

I am trying to figure out: 1) Is this market too hot to go into right now?

Also, i need to replace the hot water heater and buy a window unit or two.