or is it better to use a private money lender as well?

It's always a good idea to compare a few different providers to ensure you're getting the best deal for the service you need.

I am also curious when creating your mailer template what is the key part you focus on to make your mailer unique compared to everyone else sending mailers?  

If you ever come back up to Virginia drop me a line - would love to compare notes once you have gotten started.

again:Capitalization rate (or “Cap Rate”) is a real estate valuation measure used to compare different real estate investments.

Properties have to be purchased in cash the day of auction, so besides raising private money from friends and family, are there any private money lenders that will lend to me using this strategy?

You’re going to start “in the hole” compared to just buying an empty lot if you really want to build. 

There are hard money lenders out there who can help with fix n flips so I would start conversations with different lenders to get a sense of terms and interest rates.I would also prepare yourself for the long game.

This can potentially increase the value of your investment over time.Diversification: Investing in Florida real estate can provide diversification to your investment portfolio, as it offers exposure to a different asset class compared to stocks and bonds.However, like any investment, there are risks associated with investing in residential rental units in Florida, such as vacancy rates, property maintenance costs, and market fluctuations.

If the investor is using a HML, offering a second position may be challenging as most lenders prefer to be the sole lien holders.