Location, location, location!  

The property is located on St Augustine Beach and other STRs have high occupancy rates, solid ADRs and are very profitable when managed correctly.

Quote from @Marc Shin: My STR is located about 3 minutes from a University.  

That bathroom would be conveniently located abutting the 5th bedroom, so we thought splitting that 8x12 space into two full bathrooms (1 reachable by the master bedroom and the other reachable by the 5th bedroom) may be beneficial, but we're torn.

Research each location’s “sweet spot” in terms of bedroom count, amenities, and guest demand.3.

Recognize if you are relying on non enforcement of rules, you are taking on a risk (investing is largely about calculated risks).Enforcement may vary by location but should not. 

What's the location, purchase price, expected Reno cost, ARV, etc.?  

Any advice or recommendations of where to locate groups seeking similar goals would be greatly appreciated!

Plus, if the property is in a desirable location, you may have little trouble finding tenants.However, there are potential cons to be mindful of.

Be sure to tag your post with the location so local folks can reach out to you.