And just because electric is mandated on new buildings doesn't mean it is a cheaper utility.

@Kiswood Diogene, real estate investing is still investing. 

Definitely something to clarify upfront...If you’re replacing with another restaurant, it should be an easier transition since the setup is already in place.Your biggest risk is vacancy $450K/year is solid, but if you ever need a new tenant,  ensuring the lease rate is sustainable is key! 

It's also nice that they have their own recommended insurer, those rates are much lower then what I would pay up in the northeast. 

I am not sure what I am missing, but in no way would I have done this IF I am understanding your numbers correctly.Sorry, did I read in this thread you need to reno 5 of them on top of the 1.5 mill, again please tell me what I am missing. 

Department of Housing and Urban Development (HUD) Secretary has brought renewed attention to a long-debated policy move: the potential privatization of Fannie Mae and Freddie Mac.

[In my scenario below, I was thinking about a share of the equity upon refi (what @Jack Pasmore called "the kicker" or share of the upside) since I don't think the seller would agree the property values at only $450K, even though that's what the rent and NOI say]@Jeremy Dugan In my experience, such a "kicker" is only present when the other party is an "investor" rather than the "lender".

Currently the city of San diego (not the other cities or the county) has STR quotas but the only area that hit its quota is mission beach. 

It matters what the condition of the place is. 

I'm considering joining them but I'm curious what benefits you've found by being a member of their association.