This next investment for us will be our first venture into STRs (or even a MTR).

They mentioned how Dom helped them narrow down neighborhoods for a multi-family purchase and even flagged potential zoning issues before they made an offer.

In your case, it sounds like depreciation would give you a lot of benefit even without qualifying as REPS.As you mentioned, the kids will get a step up in basis when they inherit the property. 

Starting with the right location can make all the difference, even if it’s outside your immediate area.Best of luck with your investment journey!

Most 3BR turnkey homes are closer to $285K and upwards, so with money more expensive, and minimum rent of $1800... possible break even scenario.

If you can dump this property for break even, I would make that move as soon as possible. 

In our market, even 6.5% would make cash flowing deals possible for us at purchase (with rent increases to market).

I do not expect at least in FL that regulation will get bad enough to make STR impossible or even nearly impossible. 

Even if you rent at a break even or slight loss, if you could have 3 years of rental income offsetting your mortgage while realizing 3-6% appreciation, could be worth it, especially if you think appreciating for this area will exceed national averages.

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