If we move to PR and we sell the property after 2 yrs: 1- is the 2 out of 5 yr rule still apply to me in FL? 

@Christine ShayThey want to make sure you are the legal owner of the property because there have been a lot of instances where people have been selling properties they do not own.

If you can get a local agent to pull a list of recent transactions, you should be able to estimate, based on the photos, what your target property will sell for post-renovation.The repair budget is the list of repairs (with estimated costs) required to make your target property look like the "ARV homes" you found above.

The most recent comp to sell was 2114 Robinwood Ave, Toledo, 43620 which was converted to a Triplex and sold 8/4/2023.Ensure the purchase and renovation costs adhere to the 70% rule relative to the after-repair value (ARV), which is estimated at $250K for sound investment planning.

I've observed too many new investors suffer severe losses in recent years by solely relying on the STR model, paying too much for properties, and then being forced to sell them at a loss when economic conditions tighten.The past two years, I purchased over 30 houses in 6 different States, and my strategy of diversifying investment plans has been crucial.

However, most REIAs only bring in speakers that sell programs that most of the time do not work! 

Home depot/lowes sells mold test kits you can use once the basement is dried out.Once you have the basement dry, the next order of business is to figure out the cause(s) of the flooding, and hopefully address those causes to prevent future floods.There are multiple potential reasons for your flooding--it could be ground water rising up from underneath the house, it could improper drainage around the house, it could be cracks in the foundation or slab, it could be water coming in through the window wells, it could be all of those things, or it could be something else entirely.  

That's going to be a hard sell if you have to defend it in court (other than grass) IMO without good, detailed and dated pictures. 

I would much rather have the benefit of cash flow, forced equity through improvements, appreciation, and depreciation working for me. also have the ability to sell or cash out refi if I needed a large sum of money in the future.

If you get down to where you are thinking, "We might only own this for 2 years" those expenses don't get divided up by many months and could impact the analysis of what is smarter to do... because you will probably pay double those fees when you sell it.