Just something to consider. 

If it's something the tenant damaged, then you can charge them. 

As long as the hard money loan is recorded on title and we are not pulling extra cash out, a refinance is something you could do relatively fast without waiting.

Doing this kind of improvement in a traditional stacked condo will likely be pretty tough, but I have actually come across some where something like this would work.

I have looked a little in eastern clermont area, but I would like to stay closer to home just so I can keep an eye on the property and take of the property myself whether it's minor repairs or even something simple as maintaining the outside yardwork if no one would be living in the home.

If you do this with a duplex for example, you are looking more at something like living in one of the units while renting the other side out for $1200-$1500 a month.

Also would something like this work throughout the whole house or only specific rooms?

Something that will be easy to exit - whether that's selling or renting or whatever you plan to do.  4.

You just need to really make sure you understand and are cognizant of all the features of a floating rate loan - often times the structure can be complicated and you don't want to miss something, especially related to any "caps" - just make sure you are better safe than sorry

So, I suggest before you buy something else you need to figure that out.Life is short for "senior investors" like us, so live your best life and buy wherever it makes you happy.