I currently own a successful short-term rental in Fort Lauderdale and have identified a new property nearby that I’m confident will perform well.

There will always be upward pressure on rents there as well. 

I'm sure how far Lake Monroe if from the University but I would also look into the amount of STRs in that as well.  

The key with any partnership is well defined entrance and exit rules. 

Without knowing all of your specifics, I'd say that it's only worth holding on to if you can reasonably expect to have some really good appreciation in the near future (like 5 yrs)....Or, in the case where it would run well as a vacation rental, you could switch the usage, maybe?

The deal is risky unless you know the market well, have experience executing this strategy, and have accounted for the quality of the asset and tenant. 

For reference, we're heavily involved in the co-living space, which is an unorthodox strategy but can perform exceptionally well with the right property and systems in place.

A HELOC can help you get the cash as well.

Agree Google nmls - funny on Facebook where 99% of private lending groups that are public are scam artists you get the "well license isn't required"I reply to this noting that while you are correct in some states - chances of a scammer with a nmls license are less than 1% while those without is 99% on sociale media 

I want to look into the possibility of a future ADU there as well.