Regarding your question, @Ryan Steele has given good info as to how you would determine whether or not this property would be feasilbe as a rental.

Many others here use the 50% rule to determine if it is a good deal.I would use an agent, as you are the buyer and it is free to you.

I have a wife and four kids, so spare money is tight, but im determined to get out of the rat race and the things I am getting rid of are not near as important as my financial freedom!

I was determined to do this remotely, but thought I needed to understand the area and be a little hands on.

We have a friend who along with her Husband have become very successfull in Florida with REI to the point that after 18 months they were able to make it their full time careers, and that is what we strive for as well.We know that it will take sacrafice and determination and we are ready to commit.

The buyer is a childhood friend and I understand Fair market value determines the price and not the "ASKING PRICE ".

I would also like to do flips and spec building and believe having the license would be beneficial, especially on the buy-side and determining ARV's.

To determine cash flow you should contact a property mgmt company in the area and ask them about current rent for similar properties and how long those properties are on the market before being rented.If you need cash now then a quick flip is the way to go however you'll want to discuss with an agent to see how long, based on research not their gut, will the property take to sell.Welcome!

i'm trying to determine whether or not it would be worth it to me to invest in equipment to accomplish this.

Different insurance companies may have different tools to determine that value.