Operating costs are known and everything is new, so reserve levels are usually tiny as there is a long time to build them up before they need to be tapped. 

@Whitney Bivins, it doesn't sound like a deal killer to me as long as the seller cooperates and provides concessions at closing.

But I am torn because the long term return is great. 

Is there any areas in FL that seem like they could be great opportunities for long term holds?

Leverage tends to adds risk, I always recommend having the worst case backed up by, long term job prospects, other liquid assets to cover losses, an/or the ability to take measured risk more than once to even out uncertainty.The richest individuals use leverage to their advantage all the time, but it should be used with care.Zach

You would want to employ strategies like 3 or more night minimums to encourage week long bookings and weekly discounts.I would actively adjust prices to maximize revenue. 

If you are overpaying, then you could be hamstringing yourself in the short-term, but should be fine in the long-term as long as you can hang with the insurance costs.Failure is a mindset and it seems you are having a weird bout of FOMO.

Are you looking for long-term or short-term/mid-term?

It doesn't take long to learn how to spot a good deal.6.

How long until you can pull out your $30,000 to rinse and repeat?