a friend told me the price selling to a tenant after 5 years, will be based on 3% appreciation per year, but how to determine the rent?

However your ability to manage risk may lead you to start conservatively. 

I have a decent amount saved up and will definitely have enough reserves in case anything come up.I am leaning towards starting in Florida since they have friendlier laws for landlords but need to do more reading into what that entails and if its worth sacrificing my ability to visit the property whenever I want.What areas in Florida and NY do you think I should focus my research in?

Maybe your desire to make money is hindering your ability to objectively see what's available.

This will likely offer you the most advantageous interest rate and provide you the ability to cash-flow on the property. 

If the cost is great than the security deposit then send him a bill for the remainder of the balance. 

Do I have the ability to negotiate 2 weeks perhaps?

The key things to determine are what are your short and long-term goals, and then, you can come up with a strategy that will achieve those goals!

The lender will look at the appraisal to determine fair market value and debt service coverage ratios to determine the qualify of the investment. 

I’m trying to determine if the upfront cost to renovate the unit (I plan on living in the current vacant side and renovating it) will be worth it so I can rent it out for more down the road.