This is something to budget for when considering this type of rental.Management Intensity: Managing student rentals can be more hands-on, requiring stricter lease agreements, regular inspections, and sometimes dealing with noise complaints or other issues.Seasonal Vacancy Risk: There’s a risk of vacancies during summer months unless you find tenants who stay year-round or offer summer sublets.Zoning and Regulations: Some college towns have specific zoning laws or regulations regarding student housing, so it’s crucial to be aware of these and ensure your property complies.Tips for Success:Proximity to Campus: Properties close to the university are more desirable and can charge higher rents.Furnishing: Consider offering furnished rentals as students often do not have their own furniture.Strong Lease Agreement: Have a robust lease agreement that includes clauses for damages, noise, and other common issues.Hire a Property Manager: If managing the property becomes too time-consuming, a local property manager with experience in student rentals can be a great asset.Overall, student rentals can be a profitable investment with the right management and location.

As others have nentioned, knowing the local zoning, permit process, and attitudes towards STR is important.

If a lender is not adhering to this common safeguards then that would be my first red signal .

And is walking into a turnkey ready to rock building, the seller (whom I am presuming is now broke, but that may not be the case) even left the tables and chairs behind, all ready to have plates full of unethical inorganic genetically modified red meat dipped in butter placed on them. 

Your local zoning department will be able to tell you what you can and cannot do with that piece of land. 

Looking for a zoning expert’s idea for this.

I definitely need to stop this in it's tracks so the smell doesn't TOTALLY infuse the place@Bjorn Ahlblad  I guffawed when I red your reply! 

Not inhabitable per my comfort zone. 

So if someone bought it at the tax sale and then didn't want it and didn't pay the tax on it, that is a big red flag that they may have found something wrong with the property and decided to let it go.I would do some research on what you bought.

Zoning is also an important factor to review in Miami as rising prices and limited housing inventory means they are cracking down on illegal STRs.