I have been part of a regular meetup for a couple years now and it definitely helps ground you in your local market.

I am currently in the market to purchase a tri-plex with the plan to live in one unit, make upgrades, and rent the other two out.

Congratulations on jumping into the STR market. 

It is very important that the Wrap Mortgage is written at market terms using a knowledgeable attorney, an RMLO, and a servicing entity.These have risk and I'm not saying a new investor should go out and do them. 

At that percentage on that rent amount I suspect it is not all inclusive, but I do not know that market.  

Overall, it's going to be up to the state and local governments to enact changes that will affect the local housing markets.

My primary focus is on properties in Miami and the surrounding areas, including Homestead, as I’m familiar with the market here.

I would consider the tenant's past, as well as the condition of the unit, my local market, and other factors.

The same money could buy 1-2 full properties that would rent for more, depending on the market you choose. 

Hopefully we will be managing a handful of other STRs in the same market in the future.