It rents well and the regulations are friendly. the only problem is, most of the townhomes have CC&Rs which prohibit short term rentals. 

We just put in a new well, water pump, and electric panel.

Avoid lipstick on the pig.Renovations like nice kitchens and bathrooms are great for rental properties, but it is not everything.A property that has been cosmetically renovated, but has no capital improvements is worse than one that has been very well-maintained, but might have older cosmetics.If I walk into a property and I see that the kitchens and bathrooms have been redone, but all the walls are plaster there's no grounding in the electrical and the plumbing has never been updated that I consider it a full gut.It's a shame to pay a premium because of a nice kitchen and bathroom only to find out that you have to rip it all apart.It is usually less expensive to do cosmetic rehab for rentals than capital improvements. 

We guided the mother-son team through making an offer on a short sale, a process that took almost a year but was well worth it.

Using an FHA loan is a lot easier to get pre-approved, but you will need that 3.5% for a downpayment as well as 2-3% more for closing cost but you can also get sellers credit and not have to pay as much upfront.

Cash out refinance is an option as well, but it is not very appealing at this time (background here is $330k left on mortgage at 2.65% rate).  

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

It will cost about 2.5 times more on material as well as install, but something that will look nice & last you many years to come.

Seller claims all 3 beds are original & from my inspection, they appear to be original as well.  

I'm Miami based as well.