I wouldn't bother investing outside of the big city centers, nor buying anything younger than 30 years old. 

We are considering stepping in and trying to buy the place, but looking for some guidance on STR and what kind of money this place can bring in. 

The cash flow is a bit sub par on this one and I anticipate some larger expenditures coming my way in a year or two so I'm contemplating this as an option.

Here in Florida, every Tom, Dick, and Harry try to buy foreclosed properties and they tend to way overpay.

Just stating that waiting will also likely make the cost of what you want to buy go up if the last 98 years of real estate data provides the future direction.

I would compare it to you or the Seller buying down the rate permanently.

Does anyone have experience buying properties for cheap from land banks, renovating them, and renting them out/selling them?

Hi @Ken M. how are you getting around the due on sale clause being called when buying them sub to?

Most lenders will vary how aggressive they will get based on the experience of the operator (you), but I don't know any that will lender to someone who's never done a spec build like you're contemplating.

We are looking to do long-term rentals for a buy-and-hold strategy, starting to build up our portfolio and gain momentum.