David Beard As for evaluation of Miami & South Fla- You a smart man because all of that is precisely correct!!!

I agree precisely with what you are saying. 

That's hard to be precise.

Keep in mind, the seller, is still an owner of record (more precisely, the land trust where the owner is a beneficiary - is the owner of record).I am not an attorney and the above is just my personal opinion and obviously is not legal advice.

Hi @Joseph EmsWelcome to BPMost of my best real estate finds have been at networking events I attend or hold.The relationships are built there to bird dogs and they seem to be attracting more precise deals I like to buy.RegardsJoe Scorese

Market rent is not a precise number...it's a small range. 

Thus, the downpayment would be low and, if the property is ready to rent, the turnaround time to cashflow would be relatively short.I have been entertaining some side income possibilities, but I don't think there is anything that would yield income immediately.You are correct that FHA requires that the property is 1-4 units, which I think is precisely because anything 5+ units is commercial (and thus wouldn't achieve the gov'ts goal of encouraging home ownership).A bit of this is also buying my first home, while also leveraging FHA and house hacking to get into an income property, and using it as a launchpad for future investments.

Or is it best to structure the lease precisely at 12 months and add a proration clause. 

How about also being judged by the profits being made.Lets face it, some one may spend tons of money on a rehad, and make no money.The key to this business is to be precise and focused.

He drives the points home so well and speaks so precisely.