Just about to close on one with @ray for a client in Tampa that we got at an absolute steal - located in seminole heights, fully renovated, 3bd house + detached 1bd ADU and secured it for under $450k. 

Secondly, the loan officer is assuming that I might be closing in an LLC.

The math showed that was the right choice to get the step-up in basis within the foreseeable future.

Summarize I do not believe $700 is close to enough.  

The building is not even close to 100% occupied, so apartments are easily found and rented.

Just factor it into your numbers from the beginning as closing costs coupled with the potential refinance in six months.

She has one source of income and it doesn't even come close to covering the monthly rent, let alone the utilities or anything else (which are provided by the tenant).

All buildings close to the beach requires piling on the first floor then you can either add 2nd or 3rd floor depending on your business plan.You can reachout to real estate agents that are predominant in the area to provide you with short rentals income report.Let me know if you need any help or info about building ground up.

(There are even some who believe that the seller providing a loan to the buyer will disqualify the exchange entirely, but that's not been our experience.)The most straightforward solution is to have the seller provide a cash loan to the buyer outside of closing.

After the closing cost, this home will probably cost me around 35k to purchase.I'll have 35k left to do another investment.