The following Saturday, I picked up The Book On Real Estate Investing.

It's very rare to pick up any software program without having some type of manual to read or someone to teach you. 

@Cameron Belknap FHA loan rules in HUD 4000.1 mention not counting the basement as part of the Gross Living Area; however, part of the FHA requirements found in HUD 4000.1 includes a section on “converted spaces” which states:“The Appraiser must treat room additions and garage conversions as part of the GLA of the dwelling, provided that the addition or conversion space…is accessible from the interior of the main dwelling in a functional manner; has a permanent and sufficient heat source… and was built in keeping with the design, appeal, and quality of construction of the main dwelling.”Furthermore,“The Appraiser must analyze and report differences in functional utility when selecting comparable properties of similar total GLA that do not include converted living space.

The home is said to be utilized as an extended family home and likely not situated for three separate units.

I charge 650 ech for 2 of the bedrooms and 700 for the other 2 larger bedrooms and walk away with 2700 a month. 1800 goes to mortgage, and I pay utilities and the end result????

Will I be able to only put 10% down, says it needs cosmetic repairs, it’s in Florida and doesn’t have central AC , and Idk if the utilities are separated which is big for me.

Other things you need to factor in: utilities like satellite TV/internet (which, since the house probably doesn't have access to cable, internet can be An Issue), and will the HOAs allow short-term rentals?  

***PLAN*** Our plan is to continue reading books and researching and practicing analyzing deals over the next year while we are gone until we get back into the states and know which market to focus on.Should we stick with this plan or just pick a market and do long term investing to start out?

If you've let these people utilized the land for a long period of time without restriction or legal documentation, you may have a long fight.

Fabricio KannenbergI am a believer that you pick where you want to live and then figure out how to play the real estate market where you live.