Run the numbers and buy based on what is and not on a story of what will be or could be.Was it a project that got stalled?  

@Ben ZimmermanThe peace of mind factor was less "hassle-based" and more "financial-security" based, which is why I mentioned that having my primary paid off checks off the latter for me.  

The study was conducted by Zimmerman/Volk Associates, Inc. based in Clinton, New Jersey http://www.zva.cc/ .

It's oil based and costs $20 a quart.

I'm an Architect and Builder based out of Watertown, MA.

How are you going to touch base with them? 

I've seen too many people jump in before gaining some base knowledge.  

3) Should I get lending from a FL based lender or San Francisco Lender?

the biggest issues are that the available tenant base drops dramatically around October and doesn't pick up again till the end of the school year.People are no different than animals in that regard.They want to be settled and hunkered down in a property before the school year and/or bad weather starts.Quality tenants with good financial backgrounds don't want to move their families in the middle of an icy,snowy winter for obvious reasons,and good college students have already started school in August.Many of the few available tenants will have questionable backgrounds like recent job loss,previous eviction,bad credit,difficult income verification and don't make 3 times the rent,criminal records,etc.   

My math showed it is a 9 cap based on actuals and will be a 13.5 cap after it is re-positioned (market rents, sub metering water).