Over the past 10 years I've found that some of the old rule of thumb guidelines (1% rent, 50% expenses, etc)  have turned out to be pretty close for the market I invest in.

I agree with @Edgar Rodriguez, Tampa is a great market but to get the best answer to your question, giving some guidelines on what types of properties you're looking to acquire will help get you the responses you're looking for.

The lending guidelines are set by Fannie Mae, Freddie Mac, FHA, VA, and USDA accordingly. 

He gambled all of his owners rents and security deposits. 

@Brandi Sharp actually it is straight Fannie Mae guidelines that’s this is correct.

The private flood insurance policy we have (transferrable to the new owner) meets ALL the same guidelines as a FEMA policy -> "This policy meets the definition of private flood insurance contained in 42 USC 4012a(b)(7) and the corresponding regulation" The issue is that the underwriter reviewing the file does not agree that this policy is the same as a FEMA policy, and refuses to issue a clear to close...

This could be complicated being that there is only 1 legal unit and FHA guidelines require the purchaser to live on the property. 

HUD/FHA guidelines permit the borrower to do their own work as long as they are skilled, qualified, and have experience for the type of rehab the borrower wants to do. 

They issue loans from their own balance sheets typically vs. being stuck within agency (Fannie/Freddie) guidelines

(If a flip - you may have to do it all since an inspector will be checking it all right behind you) if keeping to rent , You can gut it and do it right now so you have little to no future maintenance issues but you’re get a lower initial return or you can do the cosmetics and gamble on the long term and take them as they come up.