I am in the process of preparing and Im quite sure that there are gonna be few things that I will miss to look out for or ask initally so Im hoping turning to you my fellow BP'ers for advice will minimize that.

Otherwise, you have to keep it for the length of the loan, regardless of loan to value.I financed my 4 unit building at 3.5% down for 15 years (to minimize impact of MIP for length of loan).

I guess it would depend on your area if that is acceptable or not.I have a nice laminate wood in my personal kitchen (open space, also wanted continuity) and it looks great and seems to hold up to the minimal water pretty well, but does NOT hold up to things (silverwear, cups, etc) being dropped on it. 

MOst likely if you seller finance, the end buyer typically puts a minimal amount of downpayment which is seldom enough to pay off your Hard money lender.Also, the high interest rates are not suitable for holding for long term because the net income produced by the property has to be extremely high to cover the debt & operating expenses.The proposed exit of selling your note will be challenging as well because as a note buyer I will tell you, note buyers want adequate equity cushion to protect their investment, and they want a decent yield on their money as well.  

Is it unheard of to pay FMV or slightly less on a property that needs minimal work and you just want to cash flow? 

The property is to be sold in a public forum, usually a Sheriff/Courthouse Auction to the highest bidder who exceeds the minimal bid set either by statue by Tax Lien or bid by Mortgage Lien.  

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.