If you are looking at this property from a residential and rental perspective, then it may work as long as you are willing to put your own income into the property. 

I’ve been interested in real estate for years and have invested as an LP in several projects, ranging from residential single-family homes to NNN properties and flipping.While I haven’t owned any property yet, I’m hoping to take that step in the near future.

The last one, Realty 411, is a completely made up magazine.

Commercial properties can be lucrative, but the financing/underwriting required from lenders is generally more "conservative" relative to residential and usually have higher interest rates (unless you have a "rock star", long-term commercial tenant in place) and generally require more equity from the borrower compared to residential.

I am a self employed residential general contractor.

I strongly agree with Nathan but wanted to add that residential RE, even with the use of a PM, is not passive.  

I would still prefer residential these days though. 

For residential multifamily properties (1 - 4 units), can you use a home warranty to take care of the repair costs associated with rentals?

Interesting that this seems to cover all property zoned residential, with no apparent carve out for a transaction of residential property between two investors.  

A "lake house" might be in a residential zoned area where a commercial use would be prohibited or at least require a variance (approval) to make an exception.