very high risk even I only do them with very specific investors in mind and a plan. we dont flip land we develop every one. 

You're gonna want to be around $400k purchase price to be in a good area too.

Your post completely ignores (not surprisingly) the main issue.

Hi Terry, I'm curious who you went with to manage your new property.

Start by talking to a cross-border CPA and attorney to handle taxes and legal structures properly.

I am, admittedly, a complete novice but I consider myself an astute student! 

@Phillip Austin someone who obviously should not rent but buy themselves a brand new house. what was their previous place?  

My wife and I buy many “fractional” notes where we live in California.

I bought a 3 acre plot in Sonoma county CA. late 90s unbuildable everyone told me it was not worth buying since it would not perk and you could not build on it and Utls are a long way away. etc etc.. well there was a new overchange put in about 3/4 of a mile away connecting my access road to the freeway . 

Just to confirm my understanding, you are living in a side by side duplex in Miami - you want to renovate the other side that you aren't living with a renovation loan?