Cover yourself, have insurance and if you can avoid it, don't provide a lawnmower.  

Bought for $380K in November 2018, but didn't live in it long enough to avoid capital gains taxes if I sold it.

Lastly, for those in Miami, are there areas you would recommend to buy in, and conversely areas to avoid, for this type of investment.Best,Jim

We are aware it can be difficult to manage out of state properties, especially with high turnaround of renters and also the HOA fees.. any advice or challenges you can recommend to avoid is greatly appreciated

So this would work if I added an additional lets say 25% in forced appreciation, I could pull out my original investment and and leave 25% of equity in property to avoid P.M.I.? 

Repairing it MAY allow you to avoid that.

That allows for a straight 50/50 split, and you avoid the LLC related issues. 

I'd like to avoid a conflict of interest with my broker when working with tenants that are found through word of mouth, etc.

They have a 5 day grace period by law and they always pay on day 4 or 5 after the due date 😁 just in time to avoid a monthly fee.  

I would avoid combining your properties into a portfolio.