Doing it this way will allow me to qualify for one of my other rental properties and assume the mortgage at the existing 3% (DTI issue) 

Side Note: Up front capital from my side is not an issue for down payments, and leaning towards the fix and flip strategy to build some cash and roll into a 1031 to ultimately get into the multi family space.  

I looked at tampa but it's more of a suburban market. miami has over 21 zip codes you can go up to 8 stories in because of the affordable housing issues and it is the only city in Texas and florida in the top 10 most affordable housing needs ranked by city. it's not even close. 

Hey @Eian Trenkle, I'm actually dealing with the same issue on a STR of my own.

Seems like your biggest issue is rent - what is market rent and what prevents you from achieving that rent?

If I were you I would lean towards properties with smaller landscaping issues if possible to minimize costs.

You are also physically there to address any issues that come up.

However, it did not go w/o issues and frustrations.

Hi Brian,  no, I don't have experience with out of state investments, I do have extensive experience in running out of state construction, the rehab part is where I'm very comfortable with, now I need to get a team out there that can point out the right locations, PM, legal team and so on... 

There are legal and extra legal ways to get rid of the squatters.