Would be great to have anyone local from Tampa, Clearwater, Newport Richey and other local areas chime - I know the area is still in emergency modes.

I and my wife paid off all debt and save up our emergency fund, we got our finances in control and are now looking to start investing.  

In a emergency, I could be up there in 2 ½ hours.Taking into account comps from other rentals on VRBO & AirBnB, services fees, VT room tax, cleaning and management costs, I think my break-even would be in the 60-80 nights/year range.

If you don't know the market very well, then you/syndicator had better identify an emerging market since "a rising tide raises all ships".

Check out David Lindahl 's book emerging real estate markets

, emergency lighting, handicap accessible entrance, accessible bathrooms, etc

So, keep a good fund in an emergency operating account set aside for rehab-rainy days.

Then saving the extra money for an emergency fund as well as your next down payment is much more important.Also when you go to get the second mortgage the bank is going to care more about you having reserves (more cash or assets that you can easily make liquid) than seeing you have paid down you mortgage some.  

I enjoy the Urban Land Institute report: Emerging Trends in Real Estate®.

One 2 Bd apt. and two houses, 5 bed's each.Financing Approach:80% Bank20% 10% down payment10% seller financing - terms to be negotiatedAnnual Financials:-5% vacancy (the market is emerging and vacancy is very low - we know this because we own a 4-unit in the same area, purchased from the same seller)-Rent roll: $55,800 - can be pushed up by $4,800 conservatively after rehabbing-Property Taxes: $4,277 -Insurance: $1,619-Maintenance / Capex: $11,160 (projected - 20% of rents)-Water / Sewer / Utilities: $6,200-Property Management: $3,600 In summary:At purchase:-$55,800 gross income-$21,903 total expensesPro-forma:-$60,600 gross income-$22,529 total expenses We want to get your thoughts on this deal.