Account Closed I am a bit late to this party but wanted to offer some perspective not directly mentioned in this thread.

You might be able to get away with building high end apartments right now, but as mentioned earlier, I would stick to units built when labor and materials were cheaper or a run down property that could use some lipstick. 

I want to send a notice introducing us as the new owners and giving them notice that in order to renew their lease they first must consent to a criminal, credit, and eviction screening under our new minimum qualifications/new lease terms for all persons over the age of 18 that live in the home and also inform them that rent will be increasing November giving them the chance to stay if they want  and meet our rental qualifications or decide if it's best for them to move.I want to know does this seem reasonable and if there are some things I should consider before moving forward with this plan?

Thanks  @Greg Downey I did not talk to them about Roth, yes I have part of my IRA in Roth that's a great advise I would mention that next time around.

yeah 10-20k discount doesn't sound like much for a flood damaged property.I saw a realtor in Houston  here on BP mention that Houston Association of Realtors (HAR) added a feature to search for Harvey damaged homes , not sure if there is something similar in FL.

It costs so much more down the line in terms of vacancy and maintenance call outs when you have aging and/or under-maintained capex items.Sounds like you had a good experience with your first investment., which is always good to hear.

Other factors that will impact are the Replacement cost of the building, the deductible chosen, Liabiltiy limits used, construction of building, age of building, etc.  

I am 23 years of age and very new to the real estate world.

My oldest install is 16 years old, I'm currently turning over the unit, and the floor looks pretty good, as does the 15 year old floor of my son's room that he moved into at age 3.

best bet is to hire a full season lawn / snow service that can do your property year round..Seasonal rates for each  snow and for lawn care.. get some bids.. your going to find the good companies are probably already booked for snow and won't touch you unless you contract with them also for lawn care.. so make sure and mention that when you call.. have them do the fall clean up.. and get started right away..