Short Term Rental- 30yr home loan allowed! Do I need to buy this?

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I live in a major vacation destination town.  I believe RE prices are still pretty low and will grow a lot.  I'm 53, with few assets, no debt,  and want to get into the market now.

I can't afford to buy a home AND  a rental property (currently don't own).  And in this town you cannot short term rent/VRBO rooms in a home that you  live in.  So that means I'm very limited, as far as getting ahead.  

HOWEVER, a former B&B  just outside town limits is listed as residential so I can buy it as primary residence, eligible for a standard 30yr home loan/10% down, and I can also live in one of the 5 units and rent the other 4 units.  Short Term Renting the 4 units will cover the mortgage payment, or possibly +$20k/year.  I have another business which can generate maybe $70k to $100k ideally, so paying the mortgate will never be an issue, even with no renters.

This seems like a great opportunity?  I spoke with a local realtor, who also manages rental properties.  She seemed to be saying it's very hard to get a property like this. She actually said you won't find a cash flow prop for less than 50% down here.  I spoke in generalities as I don't want to lose this property to someone else.

It's about $900k, 2800 sq feet = $325/sq ft, with 5 units/5 full baths. Several Decks, full kitchen & Living room.  Decent views & proximity.   Good online reviews.  40yrs old, recent renovations, etc.  Maybe slightly on the expensive side, but probably not considering it's an income property.  Average homes in this area of similar square footage sell for around $600k to $800k.  The property (land) and view for the area is just average, not stellar.  The rooms and baths are very nice, some impressive, with custom details, around $150/night.  It's seasonal so maybe $45k to $65k annual revenue before expenses.  That will easily pay the $40k annual mortgage, and I could pay it myself without any rental income anyway, so no risk there. 

It has enough land that supposedly I can build another residence also.  My other business would be perfect for generating cash flow to build a 2nd home on the property without debt, in the off season, not disturbing short term renters.  This is where the real advantage would be.  I could build it myself for $300k, a $600k value home, that will also appreciate.  I can do that gradually which is a great opportunity as the land is mine, there is no time pressure, loan, etc, and I could eventually have a stellar home with the B&B down the hill, renting 5 rooms.  

I can't think of another situation here that would provide this many options and opportunities for the future.  

If I look at a plan to cash out in 10 years, with 50% to 100% appreciation, it looks like: 

$100k down + $300k to build 2nd property = $400k total cost (assuming rental pays mortgage).

10 yr Future Property Values: $1,350,000 + $1,000,000 = $2.0M to $2.5M future valuation - 816k remaining mortgage = $1.2M to $1.8M cash out.  

Or if I stay, I've got a beautiful home, paid for, and a cash flowing VRBO just down the hill.  I could also have someone live there for free and care take the 4 rooms, leaving me free to travel, etc.   Or sell the rental and have a few hundred thousand profit and the home.  

Does this sound like a great opportunity?  I'm an (unlicensed) builder, can do most work myself, etc.  Would love to hear thoughts on this matter. I'm sure the VRBO will take more time than I think, and will likely hire help for that.  

Thank You for sharing your expertise!