If you want to keep the FL home as your first rental, then do a cash out re-finance in an amount that ensures the home is cash flow positive.

@Johnnie Bembry The seller is contractually responsible for ensuring payment of the commission to the listing agent, but these funds will come off the top from the sale proceeds, which in the case of seller financing will initially just be the down payment.So, let's assume the listing agent gets 3% of the sale price, or $9,828 ($327.6K * .03).

These are the Minimum Property Requirements (MPRs) a VA appraiser will ensure the property has.

I would recommend sitting down for lunch with experienced players in the development game to ask them before pursuing it.

@Malik Batchelor I think the biggest thing would be to ensure that you are offering a good deal.

On top of that, there are regulatory agencies that each and EVERY financial institution must answer to, and EVERY financial institution is audited to ensure that they manage foreclosures in a uniform and consistent, legal manner.

While I have seen other forms that are similar, I am choosing to go with the one that has been legally vetted to ensure my protection as much as possible. 

By comparing what you can observe about the condition of many elements, with what the planned schedule is for that element, you can get an idea of what is having maintenance deferred, and what is being well maintained.There should also be calculations that show the percentage of funding they are planning, which should be well above 65% to ensure no unexpected maintenance fee increases or special assessments.

Ensure the owners have a plan to vacateI wouldn't stress the title stuff, that will get sorted out & if there are issues it will be a money decision for you.

Option 2:  You can front the money for a marriage councilor and sit to ensure there won't be any future snags!