Essentially I would get my rent each month and they would serve as property manager and be responsible for all maintenance calls and requests and keeping it full.

Update: Termite issue has been resolved the seller will essentially pay for termite treatment and the broker will assist in this by decreasing listing fee from 5% to 4.5% saving them 700 dollars and refunding me a "documentation fee" of 250 so i will get a check at closing for 700 and the 250 saving totals me at 950$.

As James said, at first it felt like throwing money away, but in an expensive location if you cannot find a cash flowing property and you purchase, you are essentially banking on appreciation only to turn a profit (unless you flip your residence - that is my one caveat).

How it would work is, assuming you’re buying a 5 unit property and wanting to live in 1 unit, you would essentially have to “split” the property, with 4 units being investment and 1 unit being non-investment.

In FL it’s been established that every missed payment is a new breach, essentially rendering the bulk of the SOL moot. 

Essentially you are advertising you are a newbie and that sticks with you.

@James Wise above are all essentially the basis of it.No money down for new investors tends to translate into I don’t need any money at all.

But refinancing and essentially turning it into a rental (which I think makes that a BRRR if I am not mistaken) seems like the most logical route. 

Therefore, it essentially impossible to get a bank to finance this deal as they are vacant and not income producing.....Yet.

This essentially means that if the property changes hands (from you to your LLC) the total note amount could be called due.