Specifically:“The management of the property necessarily involved alterations and repairs…..it was also necessary to furnish elevator service, heat, light and water which required regular and continuous activity and the employment of labor, the buying of material and many other things which come within the definition of business”.

The table below provides a quick reference for the average sale and rental prices for Miami's coastal areas.A Look at the Flood Risk and Elevation of a Miami Vacation Rental ROIA Miami waterfront home's ROI as a rental property is largely impacted by the precise location and elevation.

These prices (~$125/sq ft) are elevated for the area-- a an older home that has been remodeled sells pretty strictly for $100/sq foot.

This will elevate some of the variables.You will have to buy and install the new electric heating, but once it done, you wont have to worry about how much heating your tenants use.It is unlikely that you can separate the water service very easy, likely alot of the estimated costs of installing the extra meters (assuming you do not have large impact fees associated with new meters).  

The plumber pointed out the elevation and slope of the property and how the back yard is lower than the front which is another reason it might have flooded; water doesn’t flow up.At this point, we have the cap off of the clean-out.

I do have to pay flood insurance, and it was based off of my elevation certificate.

Many international investors underestimate (or don't even take into consideration) the elevated compliance costs associated with doing business across borders.You may want to determine what those professional fees may be, both for a US legal and tax professionals and professionals in your country of residence, and make sure your ROI model can absorb them before you proceed.Sometimes it's better to invest in your home country if you don't have the economies of scale to absorb all costs.This is the number one mistake I see international investors making when venturing into US real estate and businesses. 

Enough so that a person turns to ACTIONS to elevate one's life, to acquire these desired things. 

As Melissa mentioned there are some restrictions right now on new STR permits in North Lake (Placer County 5k feet elevation and higher), in South Lake and as of last week Truckee as well.

I think buying smart a condo is a great investment BUT I would not buy in a huge complex with pool, elevators and gyms.