Purchase existing cashflow retail centers that need light cap ex and rental increases.

Evict on the terms of your existing month to month oral lease. 

The property is paid off so I do not have a mortgage on it.

@Daniel EhevichYour mortgage refinancing rate and closing costs will probably be less expensive with a rate-and-term refinance.

Dodd Frank will apply...see below.Not More Than 3 Properties Exemption Any person or entity cannot provide seller financing to an owner occupant more than 3 times in a 12 month period without using a MLO (mortgage loan originator).

So, our mortgage payments are combined for both houses.

you are kind of dealing with three diffrent issues here, the thing about not being a legal three unit, super easy don't buy something that's not legal, and your agent really shouldn't be encouring you to break the law, the issues with properties being beat up, the vast majority of multi unit's that sell have some wear & tear that's often the reason for selling, being a tired landlord, if you want turn key, you are proably looking more single family homes or paying big dollars for a turn key multi if it even exists in your market, 3rd we can debate the pro's or con's of this this market but youve hired and agent and 99% of agents are going to tell you its a great time to buy, i'm usually more measured but that's because I have a deep psychological problem in which I care more about being intellectually honest than making money, most agent's however are not afflicted with this disease so your gonna have to make this decision for yourself before you hire any agent.

So, you don't need to file anything with the Florida IRS (if that even exists).

My family and I have gotten over 10 mortgages with University Islamic Finance for home and investment properties.

Would love to work with a mortgage broker eager to get the job done and get me the best deal possible.