It may not be ideal, but it would be the only way I could reach my client without using a very expensive skip tracer.

The repair budget should solely be used for the monthly expenses related to upkeep and maintenance of the properties and the lot itself, ideally the roof is covered in your CapEx expenses which leads to my next point. 

@Jc Law although this is obviously not the ideal situation, it isn't necessarily bad either.

@Aimee Tarte If you are using lending wisely, you might see a slight dip, but overall with a good payment history, your score ideally should go up!  

And a high cap rate could be a home run if you are buying it off market which is the ideal scenario you want to buy in.There is no right or wrong answer.

If that isn't the place, is there a more ideal place in Florida for what I'm trying to accomplish?

E-mail and hard copy.

Ideally flat out own it. 

As for rents - the 1% rule of course is ideal but most investment properties are evaluated initially on cap rate.

It was not ideal for long term rental so trying the short term rental approach.How did you find this deal and how did you negotiate it?