I couldn’t find a lender to fund it in that short of a time frame, so I am having a relative pay it in full until the loan goes through.

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I’m relatively new to real estate investing..

So, the rent covered my monthly payment without any issues.

.- DIY Remodeling (vinyl floors, update appliances) 30k- 8k - Cover Lost rent for 2 months while remodeling units. 

To me, that sounds like a failure that First American would/should cover and, I'm speculating, does cover. 

- unknown by what you saidIf your middle FICO is 721 which probably it is as you got a large HELOC yes this could work as a conventional loan.If you show losses as net numbers, well unknown.Other option is to apply for DSCR - MOST do not use short term rental income to qualify you need a market survey of the long term rents to fully cover the PITI+HOA - consider HOA in Florida starts at $400- 900 you will need 30% down but no IRS returns needed but rates are a bit higher and cost to not have a prepay is in the $8500- $12000 range, cough cough.DSCR: $600000 sales price with 20% down PITI is about $5250+ HOA and HO6 insurance 700= $5950  the problem is finding a condo that can rent for $6000 long term will be very hard. 

Establish an LLC to cover any potential lawsuits.

Given that you intend to rent it out, make sure to keep up to date on the HOA rules and regulations, rent-to-own ratios in the community, and when you rent it out make sure your lease covers how HOA violations are handled & billed.

DSCR terms and options cover a wide range of scenarios.