@William Scott - Fellow Monmouth County investor here, I have a blend of short term and long term rentals in Asbury Park and Ocean Grove.

Thanks Brian, I can probably blend that in with the previous advise.

So in that sense you get some stable income but the upside of the smaller retail units attached at higher rents for a blended cap rate for the center.   

You have to look at blended cap rate over time as the primary lease term winds down.

Paint Interior exterior complete $3,800.00Cabinet re finishing $900.00Countertop Slabs allowance Baths and kitchen allowance $3500.00Appliances $2400.00Flooring Blend of laminate carpet and tile $6250.00Complete New Kitchen sink $800.00Deep cleaning $600.00HVAC service and assesment $300.00Light fixtures $400.00Plugs switches trims $170.00Door, Stops, Locks and Handles $300.00Minor Repairs Drywall, Cabinets, Closets, Windows Etc… $1800.00Minor plumbing repairs $700.00 COULD BE 3XTub and shower RE glazing $900.00Landscape Needs $2400.00 Minor COULD BE 3X$25,220.00From here its a safe bet to allow 12% for unforeseens and 17 total days of time to complete given you have a professional experienced crew well versed in investment rehabs.So the property that is "TURNKEY" Needs none of this?

Now you have a blended principal payemnt, where part is tax free, and part is taxed as income...

You can often find a nice blend of appreciation and cashflow in this strategy and there are some property managers that can make the management nearly as passive as LTRentals, if you find the right one. 

I look at going in because I want to know worst case what the existing income is on a property if it takes longer to stabilize than anticipated.Some want 5 cap on current and others 7 to 8 cap on current and blend the cap rate up once stabilized.You have to define what YOUR TIME is worth and what return you want to work on a property.

The Columbus market is also a strong hybrid market with a blend of cash-flow and appreciation.

We have a blended family of 8!