I want it to be in decent condition when I purchase.

Not only do you get decent returns, you are also an owner of the property which means you get tax benefits from the depreciation which will offset the taxes on cash flow.

My thinking is this must be a decent tenant since they made it through the bad times (07'-09') and they keep the unit like it's their own.

I have just enough money for a down payment, closing costs and will have a decent emergency fund leftover.

@Matthew Pritchett  I would do your lease month to month in 30 days,  the terms penalties, etc, are consistent with what you usually have, unless they already have a decent lease consistent with your terms. 

I am in the process of getting insurance quotes on it and am having a hard time finding a decent company.

I won the deal with a very aggressive offer (at the time) and super clean terms.

I'm interested in doing a decently sized (80-120 units) deal in Central/North FL.

You could easily (and conservatively) work a deal on a $550-600k duplex to quadruplex in a decent area while keeping cash in reserve for renovations.

If you have decent credit and a steady income, then you can get a conventional loan with 3-5% down.