if you have all your cash (eggs) in one basket you are taking on a massive amount of risk (and reward).  

Be persistent and stoic in your pursuits and you will be rewarded greatly!

Are there existing leased-out units in the same project?

It will be my problem to evict the existing occupants.

I do a cash out refi of my existing rental and buy 2 properties with the proceeds.Then the Ferguson shooting happens and riots start.Crap!

Building costs are high compared to the returns available in the "Disney"/Orlando market and existing properties come with all the issues listed by @Daniel Karbownik (all of which are only increased by the oversaturation of these types of properties in the area).

@Cheryl BergtholdI haven't been to any of their investment classes, but anything you can learn from a class is freely available through the internet these days - that's why this website exists.

Unless you're buying something massive - tens of units - I wouldn't worry too much about how much they have it rented for and for how long, outside of what existing leases say and deposits that are/should be on file - you will want those, and you have to abide by existing leases until they expire.

The issue on the listing is that the $950 per unit is not for any existing leases, it's the owner's (presumably) opinion of the rent there. 

Subdividing one existing APN into multiples requires a City Zoning Variation and the process is length in time, expensive and does not always conclude as we intended :sigh: