Do they have all the FL business licenses and can they show minimal compliance with Florida mortgage brokerage law? 

The previous owners have had pretty minimal vacancies in the past five years while using a PM so I'm thinking it will be closer to that 14K@Christian Bors thanks, I will have to add those numbers in and see how it looks.

Not quite sure at what point to go about it, but I would try to contact this tenant directly and see if you can basically get him to leave with minimal "moving fee", most likely it would be cheaper and faster for you, try to come from the helping point of view instead of the "mean landlord".Good luck!

The seller would like:15K down he'll hold the rest for minimal payments at 4% and a balloon in 5 years or less.

If you're just starting out with minimal exposure to real estate, property management, and reading financials, going big will most likely set you up for a bad situation which you'll need to rely on someone else to help you solve.

I would suggest having only 2-3 properties in each LLC to minimize liability.

This will minimize the amount of loans you need.

Also you may want to consider investing in trust deeds - again, your IRA is a bank.Now, to minimize the custodian fees you may want to consider IRA owned LLC (also known as Checkbook IRA), this will give you checkbook control over your IRA.Another option would be truly self directed Solo 401k, here you act as a trustee of your own retirement plan, without the need for LLC and you don't need a custodian either.

The cashflow would be minimal for a buy and hold investor, especially depending on the HOA fees.

Rentals build wealth in the long term, require minimal effort once they acquired (though cetainly not zero effort) but don't spin off tons of cash on a daily basis.