Water can seep under the wall and still flow, water goes where it wants to.

Hi Jesse,Maybe Co-GP with someone who has successfully Value-added with re-habs on apartments of this size.Because based on this question, I'd say your chance of coming in on budget and on time is very low (especially with Covid shortages).Using an architect to help with color, landscaping, office design and decor, etc...might be worth it.This is a big project and in addition to handling the actual rehabs, you have to be concerned with your renters inconveniences, 7am chainsaws, water and electric shut offs, downed laundry faculties, pounding and buzz saws whirring all day long.You have to have a plan to appease their anger over this--or they will move out (when they would have stayed), increasing your turnover and decreasing your estimated cash flow.Having a management company that is familiar with re-habs might also be a help--some may also handle the re-hab for you for a (% fee).Good Luck!

I can do most of it remotely, but there are times where I really need someone on the ground to run an errand for me, like meet the utility company and show them where the trees need trimming near the power lines, to drain the water heater, etc. 

Currently land lord pays for water, sewer and trash but I may be able to switch that to the tenants.

 $185.  2005 is a pretty new house but the hvac, appliances and even the plumbing fixtures with hard water can easily be at the end of their lifespan. 

Florida has a lot going for it - especially post-COVID when people can choose to live near water and nice weather without leaving their jobs.

I have a gas water heater and gas stove.

During the middle of the sale one of the pipes burst in the condo and neither the bank nor the seller wanted to pay for the repairs, so I paid about $800 to have the pipes repaired and clean up the water damage.

Things like Water/Sewer Backup, Equipment Breakdown, etc. could be in those discussions

And normally they don't have to go without water.