As someone else replied above, you don't want a quitclaim deed (because that provides no assurance to the buyer that the seller actually even has title to the property, leaving the buyer with no legal recourse if things go south).

just noticed we have about the same number of posts but apparently i only add value 66% of the time and you add value 92% of the time =)every time someone asks "how do i get started" i respond "house hack" and those posts don't get a lot of votes i guess. 

If you are paying someone to lease the property (even if you self manage), common finders fee is 1 month rent for new leases and 1/2 month rent for renewal.  

From reading your post I was slightly confused, are you asking what someone would do in this scenario assuming you had the opportunity to buy a property at $1.2M that had some room for value add? 

Not sure if you found someone to help you run numbers, but if not feel free to reach out!

Your entity will need a name and you can check the SOS database to make sure there isn't someone out there already using the name you choose.

Assuming you paid exactly what it was worth the first time around, someone would have to overpay to take it off your hands and make you whole.

I focused in on Aldea Zama due to proximity to beach and town as well as internet.

You will eventually run into someone like @Michael S. talked about. 

I'm actually in town until Thursday.At the very least, attend the Red Stick REIA meetup tomorrow night and see if you can find someone there with some experience who would be willing to help.