I was told I can't because I would be putting 5% down payment and in the eyes of the bank I am going to live in it.

In general, the more focused and detailed things are the more helpful they become to a novice investor (each time you do something new you are a novice).

Do I want to be more or less detailed?

Yes, I am considering Hoboken for rental property investment because it will be easier for me to keep an eye on in the near future.

Ask for the hud sheet estimates or a more detailed breakdown from the lender.

Selling a big property here and a mistake can cost us over 1 million dollars.There are partners involved and LLC’s and trusts so we do need someone knowledgeable.We don’t know too many people in Florida so if someone knows very well the tax laws/IRS regulations, Please leave your phone no/email and I will gladly contact you so we can discuss details.

WITHOUT A BLINK of an eye, she answer back, "No, this is my home. 

Let me know if you are interested and I can get the details for you. 

If you don't feel comfortable sharing detailed information on the public forum feel free to PM me and I would be happy to help you arrive at a fair market value for this property.

I'll keep my eyes peeled to see what others say because I really am intrigued by this question.