We sound like the start of a bad joke:  A retired attorney, and two Property Insurance guys walk into a bar... 

.- I would get a lender's title insurance policy to make sure you are indeed in first position and the person/entity you are lending to is the owner.- Borrower pays all closing costs, usually subtracted from loan proceeds upfront.- Make sure the interest plus points doesn't exceed usury in your state, I don't know what it is in Florida.

What I'm looking for primarily to build relationships with:WholesalersCommercial Insurance / Investment Property AgentsContractors among others. 

I only use listened and insured people for most of my work.

You'll also want to verify that it is 100% FDIC insured or you'll still be at risk with even the most aggressive bonding. 

I am insured with great local referencesHave done numerous flips and rehabs. 

This particular situation depends on the language of the inspection clause....either you have to show there is a major defect, or as is more common, like most standard Realtor As Is contracts, you may cancel for any, or no, reason at all during the inspection period.

Unless of course you have other ways (Standard type loans).Good Luck!

Not only will the bank give you a hard time about the knob and tube but you will also have a tough time with Insurance companies. a new 200 amp service will probably run you about $2- 2400, rewiring the house, sheetrock, spackle and paint will probably run you another $4-5000, depending on how much has to be opened up and fixed.

You'd be incredibly lucky to find a place that generates close to $6K/month in rent for that price -- I'd be happy with $4K/month on a $500K property and that would cash flow (after taxes, insurance, maintenance, water, etc) at best $2500/month.