Financing a US Property Purchase this month

Hello Frugal Trader, I have followed your Journey for awhile - thanks for that service.
From what I have learned over the last month - Florida local govt's collect property taxes, (state gets none) and they have as part of the US "Save our Homes" initiatives have provided for Exemptions to local residents. The most common is the Homestead exemption - if it is your personal residence you deduct $50,000 (2008) from the assessed value of your home before applying the local govt's millage rate. There are other exemptions available to residents as well. In addition, the govt has committed to limiting any increase in the assessed value of the homes - that qualify as Homesteads- to 3% per year max, or CPI increase - whichever is lower.
For non- homestead properties - us snowbirds - there are no exemptions, and the max rate of assessment increases is 10% annually.
The millage rate is the same for residents and non-residents but the assessed value will be different.
But they have the sun!!

Hello Canabiz,
we are only 49 and our youngest won't go to University for 5 more years so we plan to work FT till then, then move to PT before retirement. so over the next 5 yrs we will use it for vacations March, Dec over Christmas, and a summer visit - so probably only about 6 weeks for us, but we will let other family use it as well. we will rent it out through a Property mgmt co that has been doing it for the past owners, and they have a good rep. The peak months of course are Dec-April - otherwise probably no rents. Later we will spend months there.
I have checked CRA and IRS website info and talked with tax acct. re rental income - we pay US taxes with IRS and then include the income in Cdn income but claim a tax credit for the US tax paid. Of course, we are expected to operate a business/rental with an expectation of profit. i've been told we might be okay with 2 or 3 yrs of small losses but then need to show the property can earn income. Once that can't be the case we'll have to stop treating it as a rental property - I am a conservative tax filer.
Right now the properties are well price, interest rates are great, but also many properties are available for rent - so it won't be as easy as in the past.
I've been told though as long as we can show it is available for rent - advertised, managed etc - we have a case that it is a business.
That's the plan, let's see how it works.

Good morning FT,
This is my second try, I timed out last time with too long a reply I guess.
For my property the rate is 12.558 per thousand dollars of assessed value Plus there was an additional levy of $361 for fire, garbage and stormwater.
The rate depends on the county or city you are in.
You can find most rates at the County Property Appraiser office website.
Previous owners paid $1625 for 2008 (based on assessed value of only 86616). Our bill will be about $2600. due to increase in assessment and no exemptions.

Re Property search - we used MLS then narrowed down communities. We have been goign to Florida for over 20 years for a few weeks. We like the Gulf coast. And we chose Venice Florida. we have a distant relative who is a real estate agent there, so when we went down we spent two mornings and an after noon looking at about a dozen properties and neighbourhoods.
If you want her contact info let me know - great having someone you can instantly trust.
Give it a thought. Nothing like owning property, in my opinion.