It represents a problem that requires resolution, which may involve significant time and expense.

I highly suggest that you attend local REI networking groups and meetups to connect with fellow real estate investors. 

High maintenance and high eviction rates, but can look great on paper.

And the owner specified terms that I feel are pretty high.

Florida has its challenges too - high insurance costs, for example. 

Your reserves need to be (very) high.

I would highly recommend taking your license and going to work for a wholesale brokerage.

This free-standing building is in a 0.82 acre lot built in 1987 and renovated in 2007 with plenty of parking space (high traffic by the major road / near by ASU). 

The max LTV is not quite as high as FHA, but there is no sustainability requirement for triplexes and quads (FHA triplex and quad must meet sustainability requirements).  

As a Cap Rate is indicative of the risk involved in owning the property, you want to focus on doing things that make your investment less risky if a bank ever had to take over.You can make your investment less risky by doing some of the following things:- Convert all month-to-month tenants to annual leases- Implement strict minimum rental criteria- Add security cameras- Make large capital and preventative improvements (fix drainage issues, install water pressure regulators, replace old HVACs...you get the picture)- Essentially, prove with action that you are caring for the property on a long-term basisThe only way this is effective is if you document everything you are doing as well.