I have managed STRs for 10 years in Los Angeles, so I understand the business and operations.

To clarify, I have been studying real estate for several years, but have been otherwise engaged in operating  other businesses that my wife and I both own, both as CFO and CEO roles.

In the state of Florida, you should have two bank accounts, operating and escrow. 

If the property breaks even, or operates in the red currently, it will only operate deeper in the negative (unless you find a strong ROI like creating more bedrooms, convert a non living space to living space, etc) with another loan. 

, and I want my operating cost to be less than 50% of the rental income. 

@Jenny Yu sorry to hear about your experience, we own and operate 51 units we own and manage for other clients in Jacksonville and Orlando.

Then you specialize or hire legal, operations, finance, investor relationships, concept, deal analysis, Which investment level your at determines what experience you need.  

You can build your own team i.e. title co, insurance, pm, contractors, handyman,process server, lender etc.... or you can find an operator who can get you going in that market while simultaneously building out your team.Section 8 housing is a great way to ensure consistency with rent payments however not all tenant who have HCV pay 0%.

In my opinion, even if you partner with a local PM company or turnkey operator your returns will drop significantly.

@Patrick Pan, if I was operating in a state where that was a concern I would just contact their current landlord for a reference.