I would strongly consider speaking with a CPA or other qualified tax person to answer your question as Realtors are not able to give tax advice. I think if you can purchase any type of investment at this time it is a wise choice as the market will someday recover from the slump we are currently in. I would also think speaking with some Realtors in Florida will be a good place to start as well. Different areas have different programs that can create different obligations for buyers and sellers. I know this is not the best Answer for what you are looking for but I do hope it helps.
Mark Kinslow II
You need to talk to a good real estate attorney.
Most likely he/she will tell you that forming an LLC is good protection but I am not sure which state to form it in. I don't know if Florida will recognize a Colorado LLC.
I may be wrong but I believe if you buy it under an LLC, it will not be considered your first home.