I understand that a rental listing will not generate as much as a sale would, but I think a minimal standard should exist (especially since I plan to buy properties in the future).

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

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

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.

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

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.

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

The markets are all saturated with STRs at this point and there are more STR's than demand so the ADR is going down.

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.

I have concerns that renter will not do whatever is necessary to remove and replace the soil which was saturated with dog urine.