I am looking around in my area as that's the market I know best, and the max price is around 2.5M$.Rents vary a lot here depending on building amenities and renovations done, even within the same neighborhood.

That number doesn't include finishes which can be all over the board depending on what you do.

Whether you should do so will depend on the amount of realty transfer tax you need to pay since it's not cheap to hire an attorney to handle that process for you.  

Depending on how you came across the 'deal' you have to understand that the seller won't want to waste his time, effort, and energy disclosing information on the property, providing you a tour, and also giving you his financials to someone who doesn't have the ability to purchase it.

I really want to be in a career where my income depends on me.

My assumption for the impact - depending on how bad it's gonna hit.Even though Tampa is more prepared for storms than Texas(Texas has only 15% of owners insuring for flood damage !

How much you make depends on the type of tenant... my buildings that have tenants with kids yield a lot more than the ones without.  

if you fail, and a lot of people do because they underestimate it, it will be quick and financially painful.It all depends on your business plan, and how bad the area is.  

@Troy Luster it just depends on your goals and what you want out of your property.

Cost of cleaning between tenants depends on the region you are in, size and condition of the property.