I self manage my units so my views are more related to the actual work of property management rather than communicating results to property owners.The most important factor in successful property management is not a personal quality or trait, it's having EFFECTIVE processes in place to support the business.

Liability will be a huge factor, but there are other considerations that a licensed agent can discuss with you.#2) You can, and should always, vet the financial stability of any insurance carrier on A.M.

How passive and how safe these other options are, are also important factors to take into consideration.

The next factor is since you are looking to use that towards a down payment for your next investment you will need at least 20-25% down payment.

Factors to consider include proximity to campus, tenant turnover, seasonality, property management, and financing options.

You have an 8% vacancy factor, but does that include bad debt? 

There are many factors to consider, I drop some here: 1) being new, need to build your reputation and have no repeating customers2) Miami has had an overflow of STRs buildings and "illegal" inventory: investors who bought new condos allowing STR with loans to pay, tend to lower the price to get bookings.

However depending on variable factors as DSCR ratio, LTV, FICO, loan amount, Prepayment penalty or not it can range from 6's to high 8's. 

You’ll definitely want to dig into the zoning and permit requirements for your area to get a clear picture of what's allowed and what the associated costs might be.Also, don’t forget to factor in things like parking and whether you’d need to add a kitchenette to make it a viable short-term rental (STR).

Are there factors that am missing to consider if this conversation would really add equity to the house?