Tax will be based on profit. 

There are a lot of reasons that is a bad idea.On the other hand, if you could buy the entire condo and turn it into a small apartment, there may be an opportunity. 

In the Melbourne/Titusville markets we are seeing properties sit on the market longer than in recent years which bodes well for you being able to do your due diligence and book a flight or get a realtor out there to scope it for you.

It seems that IRS liens can be negotiated down but how would one do this?

I have purchased half duplex in Connecticut a year ago (home price seems to be up 10% since i purchased). 

While personally I'm interested in growing my portfolio of mid-term rentals around the Raleigh Triangle market; Professionally I will be connecting with dozens of investors on a daily basis and would love to provide added value by offering access to a wide range of real estate support services.

Don well said!

Anyways, I'm interested to know if anyone else out there, especially in the South FL area uses Smarter Contact as well.

Some folks have done quite well and others have gone bankrupt.I would do a search here and read all about it as there is a ton of info on arbitrage.

Reach out to your tax advisor, who might be deep in extension tax returns at the moment, and ask to have a consult or sit down.