I agree....but the OP should still bear in mind that these Blue cities will still have very tenant-friendly laws in place, so that should be weighed into the decision as well....IMHO. 

I would go with "3) get a structural engineer to "stamp" it and say that it's up to code" Can you imagine what you'd be in for if someone died in an un-permitted bedroom when you have knowledge and have been notified by the city?

Once you figure out what type of property you are looking for, laying out the repayment period for investors will help as well.

2 years since I've been a loan officer.. was selling cashout refi for mostly VA but FHA and Conv as well...

Numbers in FL are not looking great with insurance/taxes/HOA fees/etc for cash flow but willing to  focus more on just breaking even (or close to even) and having significant long term appreciation.Option 2: take the cash, pay 20% long term capital gains and wait as market continues to dip for a prime buying opportunity.Would greatly appreciate insight/advice from those much more experienced and knowledgeable than myself.

And does the driving time count as well?

I'm investing in accounting services with Ximplifi to do this as well as building out the reports I need to see daily.

I have reached out to a bunch of Mortgage Brokers as well in my area.

It could be you're not marketing it well enough, it may be time to hire a broker.

There could be other factors that fit as well, missed payments, illness, job loss, vacant, poorly run rental.