Asking about the SW suburbs specifically, in the land of long sidewalks and big actual parking lots. 

So to answer the question specifically no I would not buy a property that did not cash flow and only for tax basis.

Taxpayers should be aware of the criteria for this specific scenario.

Many of my investors who buy in Austin are specifically from the Bay Area.

This is not specific tax advice.  

I can also share some great resources and guides to get you started.Let me know what specifically you're looking to learn, and we can set up a time to talk.

Hi Shawn, I don't think the verbiage in a notice like this is state specific.

Big welcome.. do you have a specific neighborhood in mind, or are you still exploring?

Learn what each one of these are, and see which makes the most sense to apply to your specific financial plan. $150 cash flow on any rental especially a triplex is dangerzone imo. 1 month of vacancy of 1 unit could destroy a years worth of financial gains.  

I also enclose below the text of the relevant section for ease.https://www.flsenate.gov/laws/statutes/2020/553.79QUOTE(14) A building permit for a single-family residential dwelling must be issued within 30 working days of application therefor unless unusual circumstances require a longer time for processing the application or unless the permit application fails to satisfy the Florida Building Code or the enforcing agency’s laws or ordinances.UNQUOTEThe previous link to the City of Cape Coral citizens portal lets individuals see permit details for a specific property address, the progress with applications, and if not using a private provider the status of inspections.