Also, shouldn't the offer of 5% for a 1st time, short-term, hard-money loan between 2 parties who've never even worked together before have been a huge red-flag?

the short term debt is used differently from the long term debt . there are ways you're able to make annually or bi weekly etc to move you through the amortization schedule

His long term tenant recently moved out and is about to rent it to his adult son, who will be paying him enough to cover the monthly expenses.  

A few I found some information about (mainly to stay away from them as they changed the rates/terms at the last minute), and one had a bunch of fake reviews on the BBB site, but the others I cannot find any information about as far as customer satisfaction.

My main question is…i know i pay a deposit and we have an agreed upon term.

There are way better options in Florida where prices are dwindling and things are beginning to sit on the market, but the market still supports short-term or mid-term rentals.

I use a simple 1 page purchase agreement that is assignable, I put a 60 business day close, and I have an assignment of contract that I use to sell it.If you would like them, I would be happy to share.Good luck.

Not sure how long the commute would be exactly but sometimes you have to sacrifice some comforts for long term goals.

But there are too many stupid bidders, for a lack of a better term.

This is a simple truth proven time and again throughout all of history.