The bank circumvents this rule by simply setting a high enough price point that they won’t lend out on cheap houses

If I *can* do this, how would any outstanding loans I've taken to purchase and improve the property get split and partially paid back to my lender?

I plan to put in around $10k to modernize it and bring to comps renting for $1,300 per month, which includes all bills (water, internet, etc. )With the improvements to the area, I can see it being a long buy and hold play. 

I suggest posting signs as @Nathan G. recommended and placing "No Swimming" rules in your online house rules on your Airbnb and VRBO listings.I would even include the "No Swimming" sign in your pictures too.Doing this MAY reduce your risk to an acceptable level.

The rules were a bit different then and I was able to get a broker's license.

I was already leaning to the side of just stashing the money away so it will serve either/or function, first as a down payment for your next property or money to pay major capital repairs or improvements.

Probably hard to make significant improvements though. 

My must have is $150/mo profit per property so it hits that and the 1% rule.

Meaning your contracts and rules are not negotiable.

Also in Florida, LLC are not providing anonymity.You could improve the anonymity and charging order protection of your single member Florida LLC, by having it owned by a Wyoming LLC.