@Pradeepan VenukanthanBuilding is depreciatedLand is not depreciated.Regarding closing costs, some items are capitalized and depreciated.

Another item that most people don't take into account when comparing RE vs the SM is the fact that in the SM your losses are limited to the money you invest. 

How do you find what garbage an auctioned item might have (i.e., liens, etc.)?

I did the renovations my self after receiving a $30K non-itemized estimate from a contractor. 

Maybe consider just getting quotes for labor and you can buy items second hand from online if need be. 

That price would be normal in my area for a yellow pages/radio advertising type company.If I hired a one or two person licensed outfit it that works by word-of-mouth reference and never advertises it would maybe be $250 total.Regardless of the price, I recommend you get a disposal with the allen wrench fitting to "unstick" it if it clogs instead of just a local reset button.Garbage disposals are my most replaced items.  

I never dealt in Miami, but if Supreme Lending has an office near you, that would be a good place to start, we used them in Palm Beach county.A couple of observations though:STR’s in Miami Beach are Highly regulated, permits required, Most condo associations do Not allow them and the ones that qualify for str’s are highly priced.You are going to need at least 25% down, along with closing costs and any rehab money will most likely be out of pocket for an investment property.Many of the condos that you can do this with will be in buildings where the unit does Not qualify for traditional conventional loans, due the higher percentage of rental units verses the number of owner occupied.  

Of course, I am not talking about big item issues that cloud the title.

The ideal candidate would 1) be a continual source of deals, 2) able to connect me with investor specific contractors, inspectors, property managers, landlord insurance companies, etc in the local area and 3) make these referrals based on personal use of these individuals services.I already own some investment property, however that property was purchased using the traditional approach.

Itemize it and some states such as California you don’t do it yourself and charge them because they don’t allow that, get get professional companies.