Last thought is that the foreclosure might have competition or might be able to work a deal, depending on your local environment.  

Someone with a small stake, that will let you run the show, but gives you some operating capital.What I'd add here is that no one is talking about the landlord environment in CA.

Problem I have with that is there are no other shutters on my house and the green ick that sometimes appears on Hardiplank in Houston’s humid environment that has to be power washed or JoMaxed off. 

Hey Nathan, I just Joined as well and I am interested in mutually navigating an environment that is new to both of us.

These factors make it an attractive option for your investment criteria, balancing cash flow and appreciation prospects in a stable economic environment.

Part of this includes; Reference above, eat “beans and rice”, make your meals (healthier anyway) learn to not worry about what other think, even your friends when you don’t go out all the time.SACRIFICE for your goal.

The property was able to be sold in a very poor real estate environment.

In the current market environment I've been a huge advocate of seller concessions to soften the costs of financing, improve cash flow or limit down payments for other capital improvements (such as upgrades or furniture) but often (especially turn-key vacation rentals) come with strong buyer competition.

I would consider providing more equity to the partner to learn the ropes and develop an interminable relationship with your partner in a deal environment.

The Coastal environment and remoteness is not for everyone, but for those that desire a 'Big-Sur-esque' experience without the eight figure price point, it can be one of the few attractive and somewhat affordable options.