If your'e looking for purely long term appreciation you will likely do great in these markets but if you're looking to have high cash flow and avoid a potential major pricing downturn.

Quote from @Paul Azad: Beautiful property Blake, and great growing area, i drove through a few years ago, amazing scenerey and perrenial vacation spot, would you feel comfortable sharing the structure of the syndication for the investors, fees, projected IRR, or time weighted avg returns etc from a potential passive investor perspective?

It's affordable and offers strong cash flow potential.

What are the potential pitfalls and benefits of each approach?

Quote from @Timothy Franklin: @Trevor FinnI would agree with your breakdown, but why overlook a potential to run the 91k subject-to with a targeted 6 month hold for flip or 18 month refinance?

But that really is there BEST outcome potential.

Not sure why that happen, however the best way to screen a potential tenant is to see how they have performed in the past. 

Take a good look at potential purchase opportunities and run the numbers, then decide about buying, then financing.

I got a call earlier this week from a customer I installed a deck for back in 2002 .

I’m excited about the potential of this project and hope it can bring value to the real estate investment community.Looking forward to hearing from you!