He wants to help me out and walk me through this process and give me a good property.

The 50% rule is not perfectly accurate, but if your underwriting differs significantly from the 50% rule (which it does in this case), be sure you can justify the discrepancy.  

No and you need to put this on hold and research the condo nuke that's about to hit Florida in the form of new legislation that no longer allows condo boards to defer necessary repairs. 

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.There are over 20 real estate accountants on this site.

This is not tax advice, only what I do.

Property manager helping to guide, and now stepping up to next level with networking.

In this case, the tenant moving wouldn't be that big of a problem since they are so far below market rent.

I not sure if this is an accurate strategy.

I'm talking to the seller's broker, but I would like to find my own people to assist with the due diligence period, such as an SBA loan broker, an accountant with experience doing QoE for this kind of transaction, and a lawyer.

I found this in just a minute.