I still do have a mortgage on that house, so planning on getting those monthly payments to pay existing mortgage.

Hey Daniel,That is great that you have defined your metrics, but as @Ray Hage stated, a turnkey 7.5% cap does not exist in Miami unless you are buying in the really rough parts. $250K a unit is also somewhat realistic in those submarkets, though not impossible.Your best bet is a value-add strategy on something that has significant upside with a high growth submarket.

It’s a market that’s been growing steadily, and I’ve learned quite a bit about the pros and cons of investing in new builds versus existing properties.

You find out what the existing purchase was and multiply by 25% (has to be over $144K)Example: Home bought 2 years ago for $325KEntitlement used/ Entitlement Gurantee = $325K * 25% = $812502.

This is where the tricky part of STR's come into play since no lease exists. 

A new construction loan Might be more difficult to qualify for than an existing structure loan.

You need someone who clicks with you personally before engaging in a mentor/mentee relationship with the dedication and stress that may be involved.Where to find a mentorStart by looking within your existing network.

One is on one side, the other is on the other and they have no knowledge of the other's existence.

Let's guess, you read somewhere not to buy older homes because they're nothing but trouble.If that's true, why do old houses in affluent areas still exist?

Our hard money loans (commercial real estate) and the existing loans we purchase are usually brought to us by mortgage brokers.