Not much rehab needed, maybe some light cosmetic.

I guess i would want to do a light rehab as opposed to a gut reno my first time out.

I will have someone take a look at the boiler soon to give me clues about it's age and condition but if it's looking promising, it feels crazy to not make use of it while saving on the budget.We have to tear up the ceiling on the first floor before installing drywall as well as opening up walls to feed plumbing and new wiring for outlets, light fixtures, switches, etc.. 

Unless the company filed a lawsuit, which you haven't mentioned, they no longer have any interest in the property.If they recorded a lis pendens without filing a law suit the penalty against would let her retire in comfort.If they fraudulently filed a lien of some sort but you haven't indicated anything of that nature, again their penalty would be a nice windfall for her.If . . . she thinks that because they had a purchase and sale agreement from some long ago time, she is simply showing that she doesn't understand how things work.Make your offer, open title and escrow, and I'm sure the whole transaction will go smoothly.A title report will reveal anything of concern and a report is usually $50 to $100.

Get 1st, last and deposit or a deposit equal to 1.5X rent to offset when things go south.Minimize how long a place is vacant by getting a new tenant ASAP when one moves out.Motion lights front and back help deter people from being where they shouldn't be.HVAC cages are a good investment.File an eviction when they are late to train them to pay the rent if they want to stay.

There will also be common electric areas (hallways, outside lights) that will be in your name that may need deposits to put into your name. 

It’s a big step for investment #1 so tread lightly.

Rent rate includes the following utilities, up to $150 per month: water, electric, sewer, trash, and natural gas.

First step is to check with the city or county to determine if you can do what you want to do and what is required for all zoning approvals and the time frame, Ask if you have to install curb, gutter, sidewalks, street signs, street lighting or any other special requirements. 

Fire and wind insurance in FL at $70 seems extremely light. $120-150 seems more realistic.How do the numbers look after that?