Help me invest $230k

[Bill Pappalardo]

Ok members - be gentle...am new at this and I am learning everything I can WAY before I consider a purchase.  I am reading articles, listing to podcasts, compiling a recommended reading list (reading "The One Thing" currently).  Basics: two income household, no kids, late 40s - eventually want to have a few properties generating income at full steam when I retire in 20yrs.  I currently have $230k available cash...considering purchasing rental property in Orlando (am assuming an excellent rentals market there)...compiling staggering list of costs and getting familiar with calculators (still not understanding some elements of how they calculate and why important)...checking HomeAway/VRBO/AirBNB to look at rental calendars to approximate vacancy percentages...rudimentary learning has pointed me to Windsor Hills Resort/Windsor at Westside...am I on the right track? ugh - please take a look at lingering questions that have overwhelmed me into inaction - 

1. Have gleaned from reading that 5-6bdrm pool homes in ORL (buy generally $320-$400k and up, rent at $250-$350/nt) may be in more demand/lower vacancy rate than 3bdrm townhouses (market ~$200k, rent at $100-$150/nt)for Disney-bound renters - is there a definitive way to determine this?  Is there a central occupancy report source? Or do I need to have a RE agent pull rental history for each property that I am interested in?  How do I know that information isn't "enhanced"?
2. How do I determine the most prudent amount to finance?  In each scenario in bullet 1 I can afford more than 20% down. Do I buy two $350k homes?...just dump $100k on each?  I feel like that's the wrong answer...but I also feel like buying a 3bdrm townhouse for cash isn't prudent either (aside from making me a target for a lawsuit - lawyers love an unencumbered asset).
3. Should I form a corporation/LLC or other legal entity? I know there are certain protections each structure provides...thoughts?

Thanks all...I appreciate you taking the time to read this.  Any help you can provide is greatly appreciated.

Bill

[Chris Martin]

Regarding "...considering purchasing rental property in Orlando (am assuming an excellent rentals market there)..." that is what I call a RED FLAG. You are speculating. You don't know for fact anything about your target market. My point is, you are adding risk. But, hey, it's your money.

Not sure why you don't consider Charlotte. Not a bad choice from a demographic standpoint. Or, if you have to invest out of state, consider Greenville SC. At least you can get there in short order.

If you want income, stay local. No brainer in my opinion.  And that's worth... 2 cents.