The way he arranged it might have even included some other mechanisms but I can't remember (life insurance, ira, annuity?)... 

.$3,000 in escrow for taxes and home insurance.Monthly payment will be $1,375 which includes taxes and insurance figured in.The monthly rent is $1,650 so that will leave me a cash flow of $275.To remind everybody this is a SFH that I purchased 2 months ago and should be appraised at around $210,000.

The original contract and subsequent renewal options did not include an early termination clause, which would mean under current Florida law the landlord doesn't have to seek to re-rent or mitigate damages, in other words "a contract is a contract".

I have my opinions, but I would love to get some feedback from other Investors and include a round up of your personal stories and thoughts on the matter.

I should have included that these were all cash offers with proof of funds. 

I have been a buy&hold investor and LL since June 2000 and have experience with all types of properties, including developing land. 

The question is whether I should expect an appraiser to include any type of reserves in his/her calculations considering the building is essentially going to be new construction?

Your friend has about $7k per year cost of maintaining her property - if we ignore utilities (unless they are included in the condo fee, which sounds too low to cover all utilities) and maintenance. $280k divided by $7k is 40 years.

That could give you a better idea as to whether utilities are included in the rent or not.  

If they do not include fee with rent apply the fee to the rent payment first and send a order to pay notice.If you want to train tenants you must be strict.