If that area does not workout for you, then I would consider investing in Toledo!

HELOC interest rates are typically variable, meaning the interest rate changes periodically (often monthly), which adds some unpredictability.If we assume a $150k balance, though, at 9% interest rate with interest-only payments, then the monthly payment would work out to ($150k balance * 9%) divided by 12 (months) = $1,125 per month as interest. 

If the numbers work out then you are good to go.How does someone truly manage a property "effectively" from a distance? 

Personally, I would only purchase for STR right now on either very unique/special properties or on those that also work out as LTR.I am a licensed REALTOR who is investor focused.

The high HOA fees plus taxes plus wear and tear and the intense Airbnb competition (tons of units) in Miami make it difficult.

It didn't work out for me.

In my head I ask myself if we should go for one less capital intensive LTR and give a local STR a try (for the tax advantages) as well. 

Depending on your plan, some lease terms might work out better or worse.

It all comes down to how the numbers work out and what your goals are.

Also, living in the property/neighborhood will stop you from buying Class D trainwrecks - which rarely work out anyways.