purely rental, not too much personal use?

Of course, this is purely from my own knowledge of the laws in Florida, best to consult your attorney on this as well.

However long term appreciation will provide better ROI than pure cash flow locations.  

FHA-approved Lenders will likely not be fond of you applying for new low deposit loans for different primaries, every year or two, having kept your previous primaries as pure investments!

IMO, it should be priced closer to $120k from a purely cash flow perspective.Who will mow the lawn?

I have a Bosch worm drive circular saw that is a joy to use. 

We are a pure real estate developer and development advisory company, in business for over 17 years, having developed over 1,600 units of housing and mixed use projects in the western US valued at over $900M of development value. 

This is not a situation I've been in, so I'm speaking purely hypothetically and not from experience.

Originally posted by @Joy Buell:I am looking for guidance - My husband and I own 3 properties we rent out (all have a morgage)  We thought this would be a good investment, but we found out that we make to much money to write any losses off the properties.

Purely anecdotal, but we are purchasing a home from family with seller financing.