The town is very well situated geographically; 1-2 from Orlando, Jacksonville, St Augustine Beaches, and Tampa Bay.

Here’s an article that provides one explanation of why.

Just google cap rate for a detailed explanation (it's an ROI measure based on financial investment).That's how we start working up numbers.  

I am not looking for Expert Tax or Legal advice but can anyone give a general explanation of that process?....

Now, you can't just say "I'd do this" you have to put a little thought and explanation into it.  

Never looked at the heater, but assumed that ALL electricity in the room would be going to the same panel.Apologize for the lengthy explanation.

You have to find a location that works for you on many different levels, not only geographically, but economically and have enough inventory to satisfy your goals.

To help me chose what area of my state I should look for commercial brokers to contact, is there a recommended site where I can look at average rents per unit and sales to study the different inter-state geographics? 

Of course they do not have to pull that much out.Now if his mentor is providing a loan for the purchase and rehab, then, your explanation is correct.

Why that's the case requires a more lengthy explanation that's too much for BP.