We have super low property taxes and insurance (about $2k/year combine), and we have landlord friendly laws.  

The price points combined with incredibly low interest rates compared to the amount charged for a student room rental in the city center was pretty appealing.

Quote from @Daniel Rabinov: I’m new to REI currently looking to acquire multifamily properties in the North Miami Beach, Aventura, and Hollywood areas that meet the following criteria:Price per Unit: Maximum $250,000 (4 PLEX MAX 1M)Cap Rate: 7.5% or higher as-is not pro formaValue-Add Potential: Properties that offer the opportunity to renovate, improve, and increase rents or overall property value.My focus is on underperforming properties with strong fundamentals that are located in these markets.

Is it a low equity situation?

The tax liens are listed to go up for sale soon, and then it would be another year before acquiring the property (if the current landowner did not pay).

I could use HELOC cash to finance, but I'm a little hesitant on taking a large HELOC out with current interest rates.

Plan currently is to offer a six month lease when their current lease ends to have it end in summer, with the thought that at any point they would give me their notice of vacating hopefully with atleast 30-45 days to find a new tenant.

Two questions...1) About to bring a STR online in the next two weeks and am looking for some advice as this will be my first STR. 2) Specifics on the current STR cost seg. tax benefit?

You can also look at refinancing for a lower payment, rates are in low 6s now and likely to hit 5s in next few months. 

You would have to either get several locations or a real big one for the "excess" cash flow to offset your current Career income (depending on your current income level).Everything above sounds Rosy.