Assuming a 340k purchase price that would be 34,750 out of pocket.   

It won't take much money to purchase something that makes sense.Use the remaining money to invest long-distance.

For my clients, I like Easy Streets bridge purchase and STR DSCR programs. 

In 2009 I determined the best ROI I could obtain with the least time spent and lowest risk wasn’t direct investing; I merely purchased REIT mutual funds, and tripled my money over the next 5 years. 5.

I definitely wouldn't sign a purchase agreement before seeing the property.

As a foreign investor, I can get financing up to 80% for the purchase of real estate, so the biggest problem for a more serious project is down payment if you have a solution for down payment, please suggest me. 

Regular home purchase or sale?

I work with out-of-state investors and would be happy to share my experience and how I can help you in your next investment purchase.

So it does appear to be possible to get an FHA 203k loan for a 5-unit & convert to a 4-unit.When possible, aim for the Limited (aka Streamline) 203k loan, as it's less complex, not required to get an FHA consultant, etc.Of course, this is based of the two following important assumptions:1)  zoning allows for this2)  and obviously I owner occupy for at least 12 months3)  the total purchase price + renovations are within the FHA loan limits specific to my areaWhat I'm confused about is the timeline or chronological order of the process? 

Not sure about FL, but many places don't publicly list the purchase amounts, so tough to know what they sold for.