Start studying as much information as you can about real estate investing.Step 5: Figure out how to live off W (less then you earn)Step 6: Open a savings account and put your savings into it (X+Y+Z)-W= S (Savings)Step 7: Offer to help another real estate investor do anything they need in return for mentoring you.Step 8: Listen to positive people daily who are motivating.

They charge a lot more $/sq ft for this privilege, and personally I dont find the return to justify it.So maybe check out Little Havana, Design District, or another tourist area that's not on the beach itself. 

You will need to have a 1065 partnership return filed for the new LLC but this will help account for the 'tax savings' etc. for future use.

@Edward Mahoney  You're correct that FHA is owner occupied and as memory serves me, it's supposed to be at least 12 months unless there's some verifiable reason like a job transfer.Don't fake the owner occupancy bit. 

We are really interested at this point in going into a deal or two as a money only partner and banking or reinvesting our returns.

Two years tax returns if you are on 1099, yes it is harder but that is how it's done

That is a 10.7% return for the $135K investor not including principal paydown. 

Objectively look at the potential return vs risk before proceeding.

Unfortunately, it will most definitely get you a negative return on your investment.

He states you shouldn't purchase a property unless it cash flows $200 per unit and has a cash on cash return of 12% of more.