@Don NelsonYes, many banks will cap you at 4 properties so it's a good idea to pull the HELOC on one of the first few if you plan on using it multiple times to acquire new property. 

As such, you need to allocate payments property between personal expenses and business expenses depending on if they were directly or indirectly related to the rental unit.It will be difficult for anyone to estimate what your tax filing fee will be as no one knows your complete tax profile based on the information provided.

It is very difficult to make large repairs like this hole. 

Its not difficult, you just need to be well educated on the process.

Biggest challenges were under estimating how difficult it would be to get good contracts to complete the project.

Seller financing is great if you can find it but as mentioned above, it can be difficult.

However, I don't know what would be considered a "good" cap rate for Pensacola, FL.

Hi Mikal,It's difficult to say if that sounds "correct" or not, but if the numbers make sense for you, then I would say go for it.

I have a master's degree and have learned from plenty of difficult teachers in my day, I've learned how to teach a subject and how not to.

With that said, in my experience, it is very difficult to make a wholesale deal work when trying to purchase a property listed with an agent/broker.