If you believed in the deal at $6,500 more, what’s the concern?

Immediate equity isn't as much of a concern, between my first investment property and personal property I'm confident that Tampa's market will provide equity quickly.

From sifting through it, it looks like you are asking about the 4-plex as your primary concern, yes?

I'm hoping the podcast helps answer a ton of the questions and concerns I have! 

At this price we are looking at (what we can estimate) monthly costs of about $3200 (mortgage, electric, gas, PMI, taxes/insurance).Our concern is that renting it out will not bring in enough throughout the year to cover the 40k cost to own and operate it.

Thanks for clearing that up, honestly, the cash out refi is the area I am concerned with the most.

You need to be extra vigilant of any fire concerns, permitting, etc. 

In your inspection report you'll get photos of all areas of concern and often a quote for repairs.

If you are really concerned about liability just pay for a $1m umbrella policy (or higher if you want).

Anyone who disagrees with the the rezoning has to attend the meeting to voice concerns.