Man, Melbourne must be a tough market right now?

I am looking to purchase a single family home for rental property investment to buy and hold in central florida: Merritt Island or Melbourne area.

I work with several hedge funds and banks, as well as individual investors.I can meet on Sunday to go over what's happening here in Orlando, as well as Tampa and Melbourne.

Melbourne Beach in Brevard County allows short term rentals last I heard.  

However, in Melbourne, Australia - I believe this is impossible.Could you share some light on this topic for a newbie?

I'm interested in Orlando, Melbourne, Jacksonville or Miami but not sure if any is a profitable area.

Pay some attention to the world's hottest RE markets like Hong Kong, Vancouver, Toronto, and Melbourne, it is not hard to see the slow downs.

Last, if you want to BRRR, I would suggest finding those smaller markets that are little less known/cheaper where the competition isn't as high (Areas like Titusville, Melbourne, Homosassa, Ocala, Panhandle).

Augustine, Melbourne, Flagler and Volusia county, KeysCalifornia: Healdsburg and Lake CountyMaine: Portland, South Portland, Belgrade Lakes region, several mid coast locations and towns seasonally I have a long list but I’m becoming more reluctant to share them as the competition becomes more intense.

@Jonathan Cronkite depending on where you are (you tagged Orlando, but your profile says Melbourne) Are you in a resort style community that has a clubhouse with pool/spa or lazy river etc.