He is wanting me to purchase the building then him pay me rent, and is wanting to pass his business along to his secretary for her to run when he retires.   

As long as the city does not hammer the builder with connection fees  ( or waives them would be best) I can see this working well as long as folks will pay that much to live there and of course Schools will dictate how well it will do long run.  

I also use PayPal and Venmo.Some just deposit directly into my business account.I make it as easy as possible for my tenants to pay me.

I’m a Rehab & Retail investor —- Joey  I have been asking BP members this for 10 years and you will get folks chiming in your crazy to pay 20% CRAZY and will shoot it down.. there are those that understand the value proposition folks like us bring.

I target traveling professionals who are willing to pay a premium for a turnkey rental.What made you interested in investing in this type of deal?

I've studied various strategies, but I found that the guru made it seem like I wouldn't succeed without paying a significant sum for his program, which didn't resonate with me.

Some residents pay privately, others use General Assistance, and some have some state assistance.

I need money to pay off the note on the land. 

Presented by Premier Law PLLCAccording to Florida tax regulations, real property without a homestead exemption is eligible for a 10% cap on annual increases in its assessed value for real property tax purposes.

Now if you paying all cash or using a hard money loan that different.