If you live there you probably have a good handle on the subtle market dynamics.One significant risk of buying any property out of state is that you have a lot less knowledge and first hand experience with all the nuances of that specific market.

So, you go over budget FAST.So, your Scope of Work (SOW) MUST be very specific as Mr Perez learned when contractor didn't put in new outlets.To "perfect" your SOW, suggest you walk the property with 3 contractors and ask them what needs to be done.

.- Analyze Comparable Properties: If you’re working in a specific market, reach out to other landlords or property managers with similar assets.

I also enclose below the text of the relevant section for ease.https://www.flsenate.gov/laws/statutes/2020/553.79QUOTE(14) A building permit for a single-family residential dwelling must be issued within 30 working days of application therefor unless unusual circumstances require a longer time for processing the application or unless the permit application fails to satisfy the Florida Building Code or the enforcing agency’s laws or ordinances.UNQUOTEThe previous link to the City of Cape Coral citizens portal lets individuals see permit details for a specific property address, the progress with applications, and if not using a private provider the status of inspections.  

As others have suggested, you can actually buy property with a specific IRA account.

I don't care for Section 8 investing as a specific strategy.

You point out specifically "... on forum run by his publisher." 

These specific questions should be posed to the agent that sold you the policy. 

This means you'll want to "write off" expenses related to a property you have in service because if those expenses don't benefit you this year they could in the future once you sell the property.We can get into a lot more details with the "if" "and" or "buts" BUT I think this would be the "simplest" answer without diving into your specific situation here.I hope this helps! 

Without knowing the specifics of the neighborhood or property I would expect it to appreciate the same as other 1-4 units in the area over the next decade.