That's not smart.As far as the potential of missing a great deal, that's short term thinking. 

I also intend to hold assets for long term.  

All adults are named on the lease and sign the lease, agreeing to the terms and conditions.

Is there any areas in FL that seem like they could be great opportunities for long term holds?

No clue how it takes someone 5k in labor on $300 in materials but you didn't provide enough information 

Leverage tends to adds risk, I always recommend having the worst case backed up by, long term job prospects, other liquid assets to cover losses, an/or the ability to take measured risk more than once to even out uncertainty.The richest individuals use leverage to their advantage all the time, but it should be used with care.Zach

If you are overpaying, then you could be hamstringing yourself in the short-term, but should be fine in the long-term as long as you can hang with the insurance costs.Failure is a mindset and it seems you are having a weird bout of FOMO.

Ismael, More than likely it is not the case any bank will copy and paste the current terms of another asset onto a new one.

If you're only looking short term then this sounds like a decent situation.

The interest rate ended up at 9.3% with a 9 month term, interest only payments.