@Chris SeveneyThese stories/case studies are fun to read.

I just don't have the patience to wait four years and spend 6-figures for environmental studies on a 1-MW, four-acre project.

I study a given market's supply, rental rates, comp properties, etc. for a few months to truly understand the MTR market before I choose to invest there. 

Appreciation Potential:Evaluate potential appreciation in different markets by studying: Historical Market Trends: Tools like Zillow, Redfin, or local MLS can give you historical price data.

First, have a conversation with an accounting firm to see if a cost segregation study will be beneficial to you.You don't want to spend money on something where you won't get a benefit from.

Also @Tim Phillips something to be aware of in FL, all condos older than 30 years and taller than 3 stories are required to have a "Structural Integrity Reserve Study" performed before the end of this year.

Aloha,For comparing Condos/HOA projects for investment purposes, the more critical info would be rating the most recent Reserve Study and/or Reserve Funding Plan for a specific project.

I realize that a full feasibility study will most likely be required if I move forward with an LOI and purchase contract.

I guide clients who are looking to treat their STR as active.Somethings to consider are whether you should get a cost segregation study done, creating a log of your hours and having an understanding of what hours count / don't count.