You also need to talk about your terms.

But in real , practical terms it's the bank who has claim to Deed of Trust and who truly owns that house.

This one IS zoned for short-term rental.

I'm looking at a long term appreciation, and in the interim serve as a second home / STR or even LTR.

So to start off, let me explain why I'm focusing on short term rentals also known as vacation rentals and not long term investment properties.

That's significant growth.However, consider these points:Make sure you have reserves for unexpected repairs or vacancies across all properties - THIS IS KEYRun the numbers carefully on the potential house hack and multi-family to ensure they make financial sense.Consider the long-term strategy: Will the potential appreciation and equity build-up in the new properties outweigh the increased costs on the Farmington condo?

The plan is to come in and improve the NOI over the next 12-24 months then implement a strategic cash out refinance and move to long term permanent agency debt.

I'm local to Houston as well and develop small multifamily for long term holds. 

Our interests are currently more focused on short term rentals, but we are also interested in many other aspects of real estate investing and looking to make a start.

I see the long term prospects being very bullish for Ft Myers and Cape Coral.