Not to say the juice is not worth the squeeze, but I am sticking with long term rentals until the Florida figures out  Here is something about the ordinance in the newshttp://www.baynews9.com/content/news/baynews9/news/article.html/content/news/articles/bn9/2016/9/9/st_pete_officials_co.html

Ideally, I would like my strategy to be buy and hold near military bases because being in the military, I know exactly how much each rank gets paid, I have access to bases to market the properties and I am very familiar with the military structure and who the belly button is if a tenant is a problem. 

When that reality hits them in face and they can't put food on the table or keep the lights on then they either get the fire in the belly to do what it takes to succeed or they quit and go back to the J-O-B.Sales are not for everyone and it takes a certain kind of personality to do it over, and over,and over again on a high level.

I am exploring the lending space as well and will deal locally, belly to belly with a market I understand.  

And it will juice a good deal to make it great.Seller finance will get you better returns because you're using more leverage but that will always affect cash flow. 

I use to stay away from HOA properties for the same reasons - but I have found in the right HOA's it can be very lucrative - my portfolio is mostly single families but most recently the attached property is performing very well. because you said this:But, unless I reach a point where this can be my primary source of income, I will have to be doing my investing in a way that is at least somewhat passive (because I don't have an extra 60 hours per week to dedicate to the management of a rental property on top of my current job on an ongoing basis).It sounds like your time to dedicate can be limited - even more reason to find some properties that won't be as management intensive - which might mean enough juice to pay a manager or something attached with some of the management covered by an HOA (water, sewer, trash, landscape, exterior, etc).Good Luck!

And let's say that it doesn't rent out as well as I'd like, maintenance is higher than projected, I can easily afford to lose (as the NNN PM) $1,000 per year for 5 years just to "juice" the cap rate.  

And it's unlikely the PM has gone back and cooked the books retroactively to juice up the numbers.  

Any keywords or phrases or samples to get the juices flowing is very appreciated! 

Any keywords or phrases or samples to get the juices flowing is very appreciated!