Looking for advice on best strategy/next step following sale of a home we owned in Florida as an STR.Background: Sold 3bed/3bth home, have approx $600k equity.

Many years prior to her passing she moved out of the home to live with another family and the home sat vacant for a very long time without anyone checking on it.

Another concern I would have is that if we enter into an economic situation where tourism declines and foreigners stop buying expensive second homes there, you could get stuck with a property you can’t sell that isn’t producing much income. 

First is whether you are purchasing this as a Secondary Home or as an investment property.

Do they require anything special that a normal home wouldn't need?

I was able to save a good amount of money and purchase a 3 bedroom 2 bath mobile home on an acre of land all cash, that property generates $875 a month, no mortgage or HOA fees.

There is also a True Portfolio program where you can buy a Second Home with only 10% down and can have a back end DTI of up to 49%.Best to have a conversation and go over all options than to take one lenders turn down.

Stainless steel appliances, new roof, new porch, new siding.

I'm looking at finance options to purchase an entitled lot in Truckee, CA and build a SF modular home on it as an investment.

I agree w/ @Nicholas L.Don't try to hit a home run on your first swing.