Does this sound realistic?  

If you can visit in person it's often pretty apparent through how sound travels and the feeling under foot if it's concrete slab or not.

Sounds like you need my 10 step guide :)¥¥¥¥¥

The "carry trade" is sexy until it destroys your balance sheet.Short term, high value add deals that you can refi would be my strategy although in most cases  I wouldn't risk my home to do it.If you can live with a permanently higher payment then do a cash out refi and keep your powder dry for the opportunity with solid yield.If I sound like I'm speaking martian right now then don't move forward!

Sounds like you have a solid plan in place. 

@Robert Shelton Well, it sounds like a risky strategy :-)  Only because you're saying that there are zero yacht listings at the places you'd consider docking the boat. 

He also mentioned that the boyfriend of one of the sellers now wants the house and they've discussed putting a tenant into the vacant unit so it sounds like they're trying to delay the transaction so the contract will run out.   

I like the sound of this I will do my research and establish a relationship with a local bank.

Sounds like you may want to work with a real estate broker.

It sounds like you are ok with out of state investing, if so there are lots of options where people are cash flowing.