That way you, at least know you can avoid the taxes. 

Please explain why that is by itself considered a risk to avoid?

Under these circumstances, and if you're working with a good CPA, you will likely be able to substantiate investment intent subjecting the profits to short-term capital gains and avoiding self-employment taxes.

The point of waiting a year is to avoid short term capital gains tax thus paying long term capital gains tax.

We did all the work ourselves but it is the only way to go to avoid people sticking you with water bills, plus they'll call you when the toilet is running because they don't want to pay more for it.

Came here to see if there were any other Tampa locals that wouldnt mind giving me some advice on maybe some great events to attend, areas to buy in, areas to avoid, and any tips would be greatly appreciated! 

Things like utilities are a given, but I want to avoid signing and realizing that I've missed something out, or should have considered something that I didn't.

I am looking to purchase the property as an investor and am willing to wait out the First Look period to avoid any legal issues. 

Screening is acutely important in avoiding downstream tenant issues.

Do you need the capital or are you just avoiding the adjusted loan terms?