I worry that if we list it and it remains listed for a long time, that potential buyers might think that there's something wrong with it, perhaps decreasing its value.

Allan, 50% guess says that ALL expenses will run approximately half of gross rents and the mortgage will be less than the remaining 50% so there should be cash flow.A cap rate comes from a buyer analyzing the NOI of a property and negotiating a sales price with the seller.  

If your intent is to keep your position in equal standing to your mother in law for whatever reason, then this is a vital time to make sure that remains that way.

Once escrow closes, all but one of  these options goes away (you can guess which one remains :) ).

The Tampa market seems to be very strong, and there a few areas that should definitely continue to remain strong for the next 5-10 years.

I'm investigating this further, but it seems that it could be necessary to have someone use the water rights temporarily if I'm going to have to sit on them for a long time, in order for them to remain in effect.I'll update this post if there is anything further to add.Jean

Me and my wife purchased our first investment recently, this being a cosmetic fixer upper single family home.Building knowledge and connections remains first priority. 

Practically every lender these days has a 5-yr fixed term, variable rate offering in their portfolio - some come with a rate cap and most come with the right to convert them into a fixed-rate mortgage, or equal or longer, than the remaining term of the mortgage.  

If the listing agent pays anything towards the 3%, then the buyer pays the remaining difference.

This is in addition to ensuring the property is secure and winterized and remains squatter free.