I can think of a couple of seemingly great reasons to stay in the deal, which would be 1) they'd get a portion of the rent we'd be paying to live there (again, I assume this would be split 2:1:1), and 2) if we live in the house for a couple of years, couldn't we sell it tax-free, since we would be owner-occupants?

Staying Flexible in NegotiationsAs agents, licensees are bound by ethical and legal rules that may limit how they negotiate or market deals.

Yes, Always stay on top of your properties and/or investments .

I was referring to Owner Occupied foreclosures in particular, when warning to stay away from foreclosures in certain states.I agree that door knocking would be the best way to get these deals down.

There is growing industry and plenty of tenants looking for a place to stay. 

I'd personally say pulling your water heater out and replacing with a wall mount on demand one, would be worth the cost to have in unit washer dryer if you are staying there or renting it, it would be worth it.its always worth doing the big stuff well and correct even if you are cleaning up after someone, the long term hold always prevails, its just a little frustrating front sometimes, but hang in there!

It will include a compact bathroom, a tiny kitchen area, and a heater—just the essentials to make it comfortable for someone to stay in.

I certainly learned very quickly to stay way from the "guru" types.

My one suggestion: do not conduct business with anyone (here or anywhere) without having your lawyer and maybe even your CPA reviewing all the paperwork.Also, stay far away from LPs.

Stay educated on Florida market trends and BRRRR success stories.Good luck!