My brother and I are new investors here in sunny Miami, FL.

Another option might be to syndicate the deal with a group of investors pooling money together. 

You are massively decreasing your pool of buyers in a property of this age.

Whether it's lawn care and the cleaning of the pool or other amenities that the complex offers I don't ever see the cost of those things going down.

My brother and I are new investors here in sunny Miami, FL.

I had the investor pool at one timeand I had the bank lines of credit ..

There are a small pool of lenders that offer financing and because of that it drives up the interest rate.

Roman M. some great points you guys mentioned.I like the idea of guaranteeing a 7% return and then breaking down a percentage equity after that, with costs and repairs coming from the rental pool. 

BP has lots of forums on this.And you may even still want to set aside some for the inevitable assessment many associations face when they find the_________ (insert windows, pool, roof, HVAC, parking, stairs, elevator, etc) needs replacement asap.

Beach Club is a good complex with a good pool and common areas.