Tampa and Orlando small multifamily remains very hot (and liquid), so it'll gain equity and you'll subsidize your mortgage a ton. 

It's less maintenance-intensive but might not last as long or appeal to higher-end tenants or buyers.

A mom & pop with a beloved local business or a franchiser with just a few of a hot new concept are probably better bets and cheaper too.

This is the most capital intensive(going the fast food and especially whataburger) route but maybe the most rewarding if you want to buy time. 

Is it at the point yet where its the equivalent of eating tide pods or putting your hand on a hot stove or pouring bleach in your eyes (or whatever else kids do nowadays). 

The Wall Street Journal/Realtor.com Winter 2023 Emerging Housing Markets Index put the market as the #1 emerging market in America, classifying it as a hot market. https://www.ibrc.indiana.edu/ibr/2023/outlook/lafayette.htmlI've worked with a lot of investors who have found success investing in smaller markets throughout the state.

Sounds like a space you can throw up a hot plate and a small sink and you'd be renting out a part of your home in a week or so since it is already a permitted portion like you mentioned. 

I went from 0 to 12-doors in just 2.5 years because I was able to force equity and refinance out.It's definitely more capital intensive and will feel slower at the beginning.

But it's no secret that STRs have taken a hit recently and this is a thread of hot takes after all

"If the project is that hot they would not be cold calling, they would have investors beating down their door!"