The one that was extremely low was where the contractor left all kinds of debris in the yard and the property manager did not have the house properly cleaned before the appraiser got there.

Proper identification of tenants is also needed if you want any chance of having local code enforcement write tickets against the tenant and not the owner.Any Legal Action Documents: you’ll definitely want to know if the current landlord is evicting or suing the current tenant(s).

Thank you Hi Andrew,Something like this where you utilize contractors to do the work might be close to a decent overview, sans info about running it as a business.https://www.amazon.com/Complete-Guide-Contracting-Step-Step/dp/1440346011Business Decision:Parcel A can hold 157 SFH's max with proper road layout and city approvals of that amount for water, sewer and electric.Buyers clamoring for lower density at a better builder profit than higher density, so 100 sfh makes more money on Parcel A this year.Builder believes sustainable will bring higher profit on Parcel A than lower density (typical for the area) SFH's at that price point. 

Understand as well, that if his friend is in the business, it’s very difficult for him to make an owner occupied, consumer purpose loan without proper licensing, an NMLS registration, compliance to TILA and RESPA, and on and on.

I’m looking at a duplex that was illegally converted (proper permits weren’t pulled/zoning is still single family residential).

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Something I would consider in a year, maybe 2, when things stabilize and I'm able to properly fund it and reflect in the rent rate.

Just continue to analyze deals properly. 

Look into Tampa proper (Tampa city limits) ...no restrictions on STR there.

Make sure you are buying in a great market with the #'s working out properly on the property as well.