If you’re ever looking to invest in Florida, @Josh Green has a successful STR operations going on in the Tampa Bay Area that is providing his clients with solid returns year round.

Lee runs a first class operation.

So at the moment, if you buy a property now and operate it as a 30 day rental, owners are not having any problems with the gov't.  

How do you plan to operate it?

There are more passive ways to invest in real estate than "turn-key" real estate and achieve those types of returns, but you will need vet the operators and get educated before jumping in.

I started operating the property in mid-2023.

In this case, you would draft an operating agreement that specifies each partner's role—your friend providing the cash and you handling the rehab and management—and that profits and ownership are split evenly.

@Matthew Drouin had a great reply:"Typically 50% of revenue is going to go right to operating expenses on small multi family. 

You then take the cash-out and buy 1-3 more properties and get them operational.

Does the operational company already exist and have income history?