Getting answers to those questions will determine the amount of capital reserves you'll need to bring in addition to the down payment, but I'd guess at a minimum you'll need $15k, which drop your returns to the single digits until you can increase rents.I'm not 100% sure of the legality of the county's laws regarding sun setting lots, but you could reach out to the state's manufactured housing association and potentially get the two lots back if you agree to infill them with new units. 

I am redoing the kitchen, in addition to other key areas, and I am nearing the point to get appliances. 

In addition to what's already said above, Of course do your due diligence from ensuring proper leases are in place, the rent he says is what he gets by checking his bank account or some sort of proof, make sure the expenses he quoted are correct by looking at utility bills etc., title should be free & clear, no zoning violations etc.

The logical solution is that market rents be adjusted to account for landlords additional cost.  

In addition, I am also looking for additional niche' here in Orlando that produce great returns on investments.  

Truth is he DID intend to buy as his primary, because 2 months after we closed he called asking if he could get a construction loan for a $300k addition on that home which wasn't really possible given that the end value of the house just wasn't there. 

Some can even charge additional if it goes over 2 hours for the move outAs you can see, striking a deal can save you time,money and effort especially if you feel you are dealing with a tenant that knows the drill

Ofcourse the flip side is if discovered there may be additional penalties or fees.

In addition to that, add a contingency that says that the financials must meet your approval.  

@Dustin Awtrey In addition to have the units leased up, Lenders would want to see a certain amount of time that people have stayed in the property.