Hey Mik, I have a condo as well and have thought about converting it into a MTR or STR but the restrictions by the condo association completely prevent this.

Hope things continue to develop well and best of luck. 

There are plenty of transient markets in Florida where the supply of median home priced properties can cash flow well but it would make no sense to purchase a luxury property in that market. 

The security deposit should be paid upon closing to you to hold as the new landlord because you inherit those tenants and the lease should be signed over to you as well at closing.

In those towns is where the STRs entrepreneurs usually invest, they are mostly digital nomads as well and they come for the summer go when it rains, and when it rains locals fill the spot with some tourist to boot. 

Hope life and business is going well for you.  

The purpose for setting it up as a STR was simply to help defray the cost of owning and maintaining the property, but again we feel that the time we put into it is taking away from our quality of life with our family/kids.We're looking for advice on what to do with the property.

I invest in the area as well and would love to connect!

The property we invested in is in Texas, and we feel it has not been well-managed. 

We look forward to learning more from all of you as well as sharing our knowledge from success to mistakes...