(Saved me $1000s) Prior to the deal in due diligence, Ask for all the move in inspections and photos, The Leases, and Security Deposits.

If you will just send me your bank account info, password,  DOB, Copy of your drivers license and social security number my Nigerian cousin will take care of the assignment for only $5,000

First thing you want to do is get very familiar with their existing agreement (is it month to month, who paid a security deposit, who pays the utilities, etc.).

Keep in mind this is entirely DIFFERENT than a contractor being paid through the loan you secured on the property if you got a renovation loan.There are plenty of other ways that a contractor can do work though on a home. 

I know that you would have to get the owners consent written into the lease and you would have to secure short term rental insurance.  

She likes the secure feeling of having it paid off.

It means you need to secure flood insurance which is in addition to wind/storm coverage in Florida.

I've built up some experience completing flips and buying rental units on my own – and now would like to start bringing some other investors into the fold to secure deals on a more consistent basis.

Make an official written offer get it under legal contract that states if you give your friend the 10,000 he must sell the propperty for the agreed price and then just do a coventional loan.

My sister can possibly secure a personal loan at low interest.