And it is 200 dollers a month posiive cash flow after mortgage insurance taxes and management fee.Where do i go from here? 

Roll it into the rent with a lease clause that anything over $X is split 50/50 between both tenants and you don't care who uses more water...In short, spend some money and make it a legal duplex or at least make it two separate units.

The state is Florida.I did not consider this first mortgage an issue because I was simply going to live rent and mortgage free in this property myself, rent bedrooms, make good money and recoup my investment in short time (netting 4k income per month if you count not having to pay my current rent).

With this knowledge, it seems as though out-of-state investors are analyzing markets that have great job growth, high appreciation, low unemployment, low taxes, but are still "affordable" compared to standards in more expensive parts of the country.

(online search shows range from $4.95 excl tax (so $80pa!)

But classifying your depreciation (either the leftover annual depreciation after taking bonus depreciation, or the regular amount of depreciation if you didn't take bonus depreciation) can be taken as an active deduction against your W2 income for as long as you materially participate in the property.Disclaimer: I'm not a tax professional so not financial advice. 

Hi, I am a newbie trying to purchase an STR property and hoping to save on my taxes from my W2.Could someone please help me understand what type of loan is best for my situation?

I asked my accountant if I can deduct anything in the property like depreciation and he said since nothing is in my name tax wise I can't.

The main reason is because local governments are getting quite aggressive trying to shut down STRs and creating new taxes etc for them.

Quote from @Shenell Caldeira: How do I reach the owner if itʻs only showing the bank on the tax information?