This was going to be our vehicle to purchase other properties when we find a good deal, and provide great cash flow while we are in between deals. 

They'll still go down but the rents are locked in for a year and there is heavy demand for the area.

In KC can get heavy rains and all that water running towards the foundation can eventually ruin it over time and or flood the basement every time it rains hard. 

Let's say you take your vehicle to the mechanic and he tells you that you got a bad exhaust leak, you don't just go out and buy a whole new car, you get it repaired.

I can share a few alternatives growth vehicles that are better than the market if you're open to it.

@Josh GarnerIf you sell the property and your intent when you purchased it was to buy, rehab and then sell back; you are considered purchasing and selling inventory which is ordinary income and subject to federal income tax, state income tax, and self-employment tax.You may be able to avoid paying the tax if you to a cash-out refinance and hold the property as a rental.If you continue with your plan of "flipping" the property, you may want to consider tracking your expenses outside of the purchase and sale of the property(marketing, driving, etc) this will be used to reduce your taxable income.You may also want to look to see if you can put a portion of the proceeds in some type of retirement vehicle allowing you to reduce your taxable income.

My south florida market looks overall healthy: overconstruction is heavy in the condo market, 1M+ market is cold.

If this investment vehicle is for you, then you should look at my Intro to Tax sales video on my website.

They tend to have heavy upfront fees and costs to the investor to buy in.

The process is paperwork heavy so it sounds like a very good idea to work with a contractor who has worked on a 203k project before.