I'm going to be doing all the research and execution, and I would self-manage the co-living at least the 1st year or two to learn it.

I've done a lot of research, looks like it should be possible.

My research tells me that once I qualify as a REP with the material hours spent on the STR, I can use that status to deduct depreciation from my LTRs as well by using a regrouping election on my tax return.

Also, make sure you thoroughly research rental demand and average rents in the specific area of Miami you’re considering.

If you research recent sales you can always provide the appraiser a list of those sales.One of the best ways to insure a higher value is to update the property using materials and fixtures that are popular and common in the area.

thanks everyone @Edgar DuarteI would suggest you research “return on equity”.  

Definitely do more research on the BRRRR method as that sounds like what you're trying to do.

You may want to research the term ' Debt Financed Distribution' Which does have a tax implication for the investors receiving a distribution.

Have you done any research on what investing method route you might take?

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!