Any guidance or recommendations you could provide would be greatly appreciated.Thank you for your time and insights!

Self-Management:Pros: Saves money, offers control, and builds tenant relationships.Cons: Time-consuming, stressful, and needs expertise.Hiring a Property Manager:Pros: Saves time, provides professional expertise, and market insights.Cons: Costs money, less control, and finding a good manager can be tough.What about you?

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@Pratik Kochar  I don't know what it costs because it is area dependent but with todays appliances and that size house with AC you are likely going to need it. 

Definitely depends on your market and target demographic. 

Is your main goal with this property cash flow while providing a home for your mother?

@Aaron Gallington- you will likely be limited to one HELOC on your home.....you  might try to ask present heloc lender if they can  increase it  or provide a larger HELOC  with a  higher CLTV Limit- good luck 

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Owners should write a narrative about deals/assets for insurance providers.2-3% rent growth is always appropriate.Rents are flattening.Buyers are focusing on untrended rents.Getting the pig through the snake, as an analogy for getting through current excess rental inventory absorption to get to a gap that will exist in a couple of years.

In Florida, the answer depends on whether the rent is being held as advanced rent for each month or if the payment is for the entire year.