In the mean time, build a one-room or studio dwelling on the property as well, and then after a year move back to FL.Really wondering if there's a quicker option than "work for a few years to make money and then start." 

Once you take over operation of the system, you will be required to keep it running (by the County Govt)You're losing money already and you don't even have all of the true numbers.

Which DSTs are you recommending amd which "institutions" have their money invested with them?

The reality is people are making money in virtually every market.

Then see if the money you might make is worth all the effort, money, headaches, etc. to build out. 

It may be a good idea to have some face to face conversations if possible before you spend any money on deals. 

The 50% rule states that approximately 50% of EGI will typically be consumed by operating expenses.While the 50% rule provides a quick estimate, actual expenses can vary widely depending on the property type, location, age, condition, tenant mix, and market conditions.Here's an example: if a property generates $200,000 in EGI per year, the 50% rule suggests $100,000 would go towards operating expenses like taxes, insurance, utilities, and property management.

So I should file it under the Schedule E.But my question is, how do I actually file it on the schedule E? 

Plaster is in good shape and comps are actually 135-140K.

There shouldn't be a shortage of people who have money and need a place to live.