We live near a lot of hospitals and are planning on using this money to buy small multifamily properties and renting them medium term with traveling nurses. 

Hi Kenny-Great question about whether you should put a house you plan to live in and rent out parts to others in an LLC.Certainly putting it in an LLC would help with asset protection and limiting personal liability.However, you may lose the ability to claim the part of the house you live in as homesteaded tax rather than the higher non-homestead investment property tax for the entire property in an LLC.

This makes it an attractive location for investment properties. 

The property is part of a large condominium and is located on the backside of the building (i.e., it does not have an ocean view).

What I would do , if when he leaves board up the property, just an ideaAll the best I'm seriously considering squatting there myself if I am unsuccessful locating the owner.

Some thoughts - garages or carports, for extra income from tenantsIf you have the ability to add a second driveway, consider trailer / boat / rv storage in an area enclosed by a privacy fence, or even garages to be rented to non-tenants for cars / storage.

@Ketul ShethRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

The average monthly rent for ltr is $1650 and the monthly piti is $1770.

So far I like what I've heard on podcasts about these build-to-rent properties and would love to hear from anyone who has dealt with them and their FL properties. 

Keep an eye on what’s up for sale, what’s being sold, and rent patterns, and tweak your plans as needed.