Aren't insurance and taxes typically considered part of the 50% for expenses rather than the 45% for debt service?

We would have assisted you in avoiding a nightmare situation like this, by making sure you knew about the challenges and if you decided to still move forward, making sure there was a solid renovation plan in place to address them.Who's your property management company and why aren't they educating you on all this?

Generally speaking, second liens aren’t available on investment properties.  

The tools commonly talked about on BP aren't enough to figure that out, so you'll have to get a bit more advanced.  

I was going to play it safe and stay local in my Tampa Bay market, which means the cash would be a down payment for a multi family property in my area since everything is so expensive (also rents aren’t amazing, 1% rule doesn’t apply in Tampa’s market).I am now tempted to try an out of state market where I can use that cash to buy a multi-family property outright and then cash out refi to buy another multi-family.

I've seen some wholesale deals come that aren't terrible but if you really want a deal, I would look off market.

But great deals aren't found, they're made.

If utilities aren’t split, that can be OK.

You can't win if you aren't playing your cards.

Talk to a good investor lender like @Zack Karp or @Michael Barbari if you aren’t already.