I was just curious if there was something specific you would take into consideration or focus on in making your first step.

The financial underwriting does not always take into consideration the time value of managing the asset.

First there are a few considerations you need to acknowledge BEFORE you start diving into take other people's capital for lending activities.

 Your question is really bad since there is no consideration to type of accounting methodology usedI am going to assume your company (partnership, llc, S-Corp ) uses a cash basis accounting for the building and not accrual accounting (example and explanation here http://www.nolo.com/legal-encyclopedia/cash-vs-acc... ) since the furnace is considered a relatively large capital expense in the differing methods would be treated completely differently.Also did you use any form of financing on the Furnace?

Have you seen the movie "Pacific Heights"?

Matt, as I recall, the HUD site has the legal/acceptable room occupancy on a table illustrating square footage and volume requirements (like average ceiling height of 7' for floor space to be counted).

I have a fondness for Tampa having gone to school there is a previous life...and have been tracking the market there for some time, and am giving serious consideration to coming down there to start investing, buy and hold, fix n flip, my market area is super expensive and difficult to gain entry at certain price points...based on what I have been reading it appears that the future of Tampa is going to change, for the better I believe...just my opinion ! 

However, moving forward, real estate investments specifically, are poised to be the most lucrative that we’ve seen in the previous decade and makes for considerable thought when luring the idea of capital investments. 7. 

I like Garfield and Maple heights for single families with good cashflow.  

When I run the numbers on the rental calculator, my Cash on Cash is -72% because it doesn't take into consideration the fact that I'll be paying the remaining expenses including mortgage every month.