Is it usually a 6 month seasoning before being able to go for new appraisal and getting financed based on the ARV rather than cost.I've done a lot of reading and from what I understand this is possible, just looking for verification, recommendations on path forward or alternate plan, and also some lender referrals for when this takes place. 

I don't see an issue with this return profile, but it would be helpful to better understand the assets involved, redevelopment process that's proposed and the bank leverage to better vet whether the return profile is realistic.

I understand that other options than a saving account come with risk.

Understand the following.

Leave it.You should understand the long term cost/benefit of every improvement you make in an LTR.

Understanding one another's difficulties can lead to better solutions.Make sure that any modifications to the rent payment schedule are noted in writing, perhaps as an addition to the lease agreement.

I have spent around $500 this week, and I do understand sometimes like this things do happen, but if this does continue and something seems off, do you recommend I tell the property management to conduct another inspection or to change the lease terms where the tenant pays for any small maintenance fees.

You don't need to know everything to get started; you need a foundation to build on and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

From what I understand, you can deduct the entire premium as it is an expense to run the rental property.

Can you recommend someone in Tampa that is more broad in their experience then a traditional lender.I want to make sure I understand what you are looking to do.