Despite no additional renovations being necessary, our efficient strategy and swift turnaround led to a same-day sale at $225,000.

Here are some additional comments to add - please be sure to read the last comment regarding making contributions to both an IRA and 401k.Can I set up a SDIRA if I have full-time job?

If your HOA would allow it, I'd definitely explore that since you'd be back in town for a few months out of the year. 

Each week, I analyze the MLS, exploring cities and towns across South Florida to identify areas favorable (or not) to short-term rentals.

Regarding insurance adding additional umbrella insurance is great idea. 

You may not be able to break the contract this year but would recommend getting additional estimates going forward if you feel it is expensive.

Additionally, add in the ambiguity/risk of the due on sale clause or ramifications on the conventional loan of transferring the property from your individual name to an LLC - the economics don't make sense, and the headache isn't worth it even if it did, in my opinion!

@Ryan VienneauAre they able to set-up your credit cards as additional "accounts payable"?    

Quote from @Lisa Albright: Hi All,Newbie here, just a quick question we are building an addition on our second home, we have a primary residence, and two rental properties.

Research the area's nuances, understand BRRRR financing strategy, network with local investors, analyze potential deals, use VA loans wisely, explore financing options, and network through investor groups.