Finding the right realtor/wholesaler can be a huge advantage, especially someone who knows the local market trends and can spot areas with hidden potential.

The location is ideal, as it’s situated in a neighborhood that permits short-term rentals (STRs), making it a great investment opportunity.

But they had to jump through a dozen HOA hoops..eventually, the building got stricter on short-term stays.For single-family homes, if you can snag something with a scenic deck or quick access to popular spots, you’d be surprised how many travelers pay a premium for that “living like a local” vibe.

100% agree with @Collin Hays - find a local manager, preferably one not too large or not too small, I would say 30-90 properties is usually a sweet spot.

@Placeholder PlaceholderOne word of caution I would advise: If a community or local government is enacting restrictions and also regularly enforcing them, then its often a reflection of the local community sentiment which increases the chance of a neighborhood or nearby resident calling you in if they think you may be running an STR.

I'd be happy to provide some recommendations and suggestions for your situation as a foreign citizen living in Miami.First, it's important to have a good understanding of the local real estate market, including pricing trends and neighborhood dynamics.

It doesn't take long to learn how to spot a good deal.6.

Let me dive into a few things that might help.On Meeting Active StatusYou’re spot on about the 500-hour rule or the 100-hour rule with material participation.

Buy on the wrong street or in the wrong neighborhood and you will set yourself back.  

The last few years we've just been nickel and dime-ing it--  picking up small value add add-ons near existing properties and recently did a "trade-up" 1031 exchange sale/purchase for a newer/better neighborhood property with one less but larger higher rent units.