If you are new, be sure you can raise the funds before proceeding.In my opinion, you are going to have a hard time raising money with a 6% pref and 70% of the profits after that unless you have a lot of newbie investors in your Rolodex. 

Nice to have a mix seeing as it is both a winter and summer destination.Is the place furnished or do you have to do the whole nut?

I am trying to find a mentor and have a relationship that I think will work out well.

With one deal under your belt, financing may also be easier this time.

@Joseph Opoku Yeah you can still get positive cash flow from day 1 in pretty much all areas except the A class neighborhoods.

We have been around the bigger pockets community for over a decade now and have more 5 star reviews on bigger pockets than any company on this website in any industry (>270  5 Star reviews).

We like owner financing deals because we are great at negotiation and we can create win-win scenarios with shorter closing times.

Purchase price: $550,000 Cash invested: $145,000 Sale price: $915,000 This was a home run for a long term (5 years) buy & hold investment property (I specialize in this area). - Initial investment of $145K (DP+closing)- It had one tenant for 5 years and 3 months (no turnover), and the tenant paid off the mortgage and expenses in those 5 years.- I spent around $30K to do upgrades before selling.- Sold it for $915K after 5.5 years (received $442K at the closing)- Did 1031 exchange and bought 8 SFH in NE & AL worth of 1.6M (brings $4k/months income now) What made you interested in investing in this type of deal?

Far more costly to transfer property at a later point than simply purchase in an LLC on day one.

Most of the savvy investors we're working with, even through we'll lend more that this, are coming in at 30% to 35% down.