On that condo fee for 531 Main street, i believe it includes heat and hot water,  I think there is also so roof and facade work tied in there. 

I’m in Gainesville which is north-central Florida - smack dab in the middle of the state (1.5 hours to either coast) and about 6 hours north of Miami, to give you a reference.

If there is an issue, such as a major water leak, a/c or heat goes out, etc, what will your tenant do? 

Located in Miami Florida but we lend nationwide.

All we have found are agents who send us multiple apartments listings listed in the MLS without no depth in why we should invest in this.We live in Miami, FL.

Also, check existing infrastructure including: roof, heating and air conditioning, hot water heater, flooring (sub floor), and plumbing.

I highly doubt it will qualify as-is for conventional FHA even if it’s considered a 4 unit dwelling because there are specific habitability criteria for FHA loans: every appliance in the building must be working, must pass all local codes, every bathroom must have working toilet, shower, sink, every room must have heat, etc.

Look in to getting the heat pump vs the hot water heater. 

In most cases, the tenant really wants the AC/heat working ASAP and will meet the technician.  

What kind of heating does the building currently have?