I am a Realtor who works with a lot of investors in the Keys.

This site is 80% newbies who are learning how to crawl.Call local agents in Key West who know the serious investors in that area.

The window sill cannot exceed 44" from the finished floor level• There needs to be a• All apartments and hallways must have interconnected smoke detectors• One of the first floor apartments must be designed as a Type "B" accessible unit and must be on an accessible path• Accessible parking will be required for the buildingThe mechanical/electrical components of the building will need to be evaluated by an engineer to determine if modifications or upgrades will be required.An onsite review of the building may bring up additional issues beyond those mentioned in This is all very common building code requirements when doing multifamily.

Quick overview of our firm is three components.

The debate that is brewing is whether client-provided walkthrough imagery is as reliable as having the cost seg engineer survey the building components on site. 

Whether to stick with small properties or scale into bigger multifamily depends on your financial goals, management preference, and how aggressively you want to leverage tax advantages.Staying with SFHs & Small Multifamily (Under 4 Units)Pros:Easier financing (conventional mortgages)Lower acquisition price per dealSimpler to liquidate individual propertiesFamiliar territory with less complexityCons:Harder to scale to $20K–$30K/month cash flowMaintenance and tenant turnover per door is less efficientSlower appreciation and less control over valuationTax Insight:Properties qualify as residential for 27.5-year depreciation.You can deduct mortgage interest, taxes, repairs, management fees, etc.However, losses (due to depreciation) are passive, and you likely can’t use them to offset W-2 income unless you or your spouse qualify for Real Estate Professional Status (REPS).Scaling to Larger Multifamily (8–20+ Units)Pros:More efficient operations (economies of scale)Higher cash flow per propertyEasier to increase property value via NOI improvementsIdeal for long-term hold strategiesCons:More expensive to acquire and financeCommercial loans require higher reserves and more due diligenceMay need partners or syndication structureTax Insight:You can do cost segregation studies to accelerate depreciation (break property into 5-, 7-, 15-year components).This allows for bonus depreciation—100% bonus is likely returning in 2025, giving a powerful deduction in the first year.Even without REPS, bonus depreciation may offset other passive gains across your portfolio.If you or your spouse ever qualify for REPS or use the STR loophole, you could apply those deductions to offset W-2 income.This post does not create a CPA-Client relationship.

Some offers may come from investors but others may come from those who are unable to get traditional bank financing.Also be mindful that the interest component of seller financing will be treated as interest income and taxed.Best of luck to you!

👋 I hear you having a solid PM is key when investing out of state.

Leverage is an important component; learn how to play the credit game and build your FICO score, on top of that, it does not hurt to have access to credit lines.Second, I would seek private money from friends or family.

I was bearing "delay" patiently, biggest issue I see is his attitude, he never gave any status on progress, he recetnly told me he doesn't like to give status and I just keep funding the project that's the only role I have :-). he has keys, I know if I ask for keys he will create issues. he live near property he can damage property if I try to bypass him now.