Other things to note, IF you do buy this property which is in foreclosure, it will be sold "as is". I've mentioned this in other posts. You can have a home inspection, pest inspection, etc, but if you are not the successful bidder, you spent all that money for naught.
I would also check the area out well...is it improving? Declining? Stable? Whether you live in it as a primary residence, or you want to rent it out, this will be important.
People make their money when they purchase the right way - not when they sell. Get yourself a good agent and perhaps a real estate attorney, CPA,, financial planner and see if this is the right deal for you. Florida is the #2 State for foreclosures, unemployment is high, economy is bad. If you are going to spend a lot of money, it will pay to get professional assistance and make sure you are making the right decision.