I have a house under contract in Treasure Island, FL that is zoned for nightly STR but has always been used as an annual rental.

We're not only the best island in the world, we also have the lowest owner occupied property tax rates in the nation.

I told the tenant that I would need to call this property uninhabitable (since she had screamed at me about how the mold and bacteria from the sewage water can harm herself and her child) and asked her to find herself alternate accommodations.

If there really was that much mold I’d let this one go though it sounds like the house was uninhabitable  and the last thing you want is them to try to turn this around on you and sue.  

However, as we were looking for a vacation rental, this was on Okaloosa Island and a 3 minute walk to the beach.

We looked up the MLS to see if there were any similar properties closer to home on Okaloosa Island.

He stated that there are no buyers agents on the island.

But the fact that you can rent them they may look at it as a MF loan.. what I see for MF loans is land has to be paid for and then the bank will do 75% of the vertical.. so you need pretty good amount of cash into those deals. 

A lot of military folks live in an area called The Island.

Otherwise, please feel free to respond to me below and we can get to know each other.My name is Pat and I currently reside in Long Island, New York.