Do not mix your personal expenses with business on the same credit card, checking account...

But once our expenses are covered, what is our emphasis.  

You estimated 5% ($100) each for maintenance and capital expenses which is good, BUT you entered $0 for vacancy and $0 for management.

This can be very expensive and is usually the worst choice because you can't justify the cost.2.

In other words, it seems to me that the data in this study is skewed and incomplete.2) Okaloosa Island is a "tale of two cities": the south beach side of expensive condos and the up and coming north side, where only a small portion allows short term rentals.

Since I bought this last property, it has been a headache, I have to go often to do repairs, the last repair was replacing a water heater of 75 gallons which cost almost $3k (too expensive).

Can we declare the rehab expenses as rental expenses before you have tenant?  

I may have an expensive solution if you'd like to PM. 

I think your head is in a great spot - midterm rentals are a great happy medium between STRs and LTRs and should provide you with enhanced cash flow!

When I show my rental to potential buyers I give them 3 years of rental history with the average utility expenses and what I paid for taxes and insurance over those last three years as well.