I have met a lot of people but I have always wanted to start a group network in miami, which is where I am based.

I'm taking all of the expense percentages like 10% capex, 10% pm, 5% repairs and maintenance, 10% vacancy, $100 ish for home insurance based on my area, 0.7% for PMI based on my credit score, and then standard amounts for utilities, lawncare, and WiFi. 

You still have to know the pro forma rents though since literally nothing meets the 1% rule based on in place rents.

Most of the older folks in the area who hold the land are approached constantly by developers so a small family looking to do what they did 30 years ago might tug at their heart strings.

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provides support for the property tax appeals process.Additionally, it can help maximize renovations and improvements.A Cost Segregation study is an IRS approved federal income tax tool that increases near term cash flow by utilizing shorter recovery periods for depreciation to accelerate return on investment.

A few questions a lender would ask you based on this post.

Yup I own and run a few vacation rentals on the west coast and I live on the east coast, I’m also developing 10acres of land into more currently. 

You are betting your money on the neighborhood and the property (and the client base that will attract), hoping to produce a return greater than what the S&P 500 would produce over time.

Based on what you shared, if you are competing with wholesalers you are likely in the most competitive price point space on the MLS.

All that being said I love living in the area it is close to Destin and the bases and very close to the water, much of the city is walking distance to a the water.