You can accept a partial payment, but if you do, you should send a Reservation of Rights, which basically says the date and the amount of the payment, but still allows you to move forward with an eviction if not paid in full.

Regarding ARV: The only way your rents are going to be affecting your ARV is if you go with a commercial loan loan that is going to allow for the appraisal to be an Income Approach appraisal as opposed to Sales Comparison approach.

If you want 10% returns you might have to look in another market, but if you want to park some money in a solid property, as long as it generates enough to break even after all expenses, taxes, etc. to allow you to hold on to it for 5-10 years I'd bet it will do better in the long run than a 10% cash flow property in a lower end market. 

Realtor- We have previously sold with Tom Flannigan of Argus Realty and we decided to stay with his team. 

You should be doing your most due diligence on the operator, the team, and the track record. 40 units in an opportunity zone could be a big win, but how many times have they done opportunity zone builds and have they worked with the city of Tampa before?

Some states don't allow you to screen out felons, others do.

If the HOA told you upfront they don't allow short term rentals, and you're going to buy and use it for that anyways.....just remember when they fine you $5k, $10k, $20k that you will have no one else to blame but yourself.

@Spencer Feuerbach,  @Mike LambertAlso, just to let you know that if you are not a Spanish tax resident, or a EU tax resident, if you rent in Spain, you are not allowed to deduct expenses from your rental income.

I couldn't imagine managing a property from out of state unless you had an extremely strong team of people in your market to help with showings, inspections, repairs, etc.

We are active in Waveland, Bay St Louis, Pass Christian, Long Beach, Ocean Springs, Gautier, Pascagoula, and Moss Point (and possibly other water front towns near these locations).As I'm sure most are, I would be interested in speaking with other investors in the area, and would even possibly be open to the idea of partnering for a property or two with the right individual/team.