you want to stick to 6-24 month terms 

What kind of financing terms were you looking at for the remainder?

I am sure she is sending him letters (or using other methods to contact him) as well.I'm a small long-term buy-and-hold investor myself, but this property is about 4 hours away from my own market, and would be used personally by my wife and I if we were to acquire it.I'd really like some help from you large operators who work these deals all the time, as to how best make contact with the owner and see if he were interested in selling.  

This is going to be a long-term rental and although I won't be living in it, I want my tenants to be safe and feel comfortable if I ever need to sell it so will be doing through extra diligence.

Numbers in FL are not looking great with insurance/taxes/HOA fees/etc for cash flow but willing to  focus more on just breaking even (or close to even) and having significant long term appreciation.Option 2: take the cash, pay 20% long term capital gains and wait as market continues to dip for a prime buying opportunity.Would greatly appreciate insight/advice from those much more experienced and knowledgeable than myself.

If you were to rent it out long term, that's where you cross the line. 

I do wonder if this could be accomplished with a 7 residential unit and using one unit as a short term rental though. 

Their city government website has information on short-term rentals and how to register for rental licenses/permits.  

Looking at residential properties to either buy and flip or use them as long-term rentals.

Sam, I am not sure what your long term goals of this property are but I think painting the cabinets could add a nice touch for little cost.