The entity you select can impact everything from how you're taxed to how you protect your personal assets.LLCs are often the go-to for real estate investors because of their simplicity and flexibility.

I personally wouldn't invest in a property that doesn't cash flow.What is your financing strategy? 

The only issue we have run into is the prices and bidding wars.Every single home we have looked at for personal use or an investment seems to have 5+ offers and go MUCH over asking.We are currently looking at Bay Park / Clairemont / Carlsbad / Oceanside. 

Based on my experience, you're right that many lenders allow the use of a second home mortgage for properties intended for personal use, provided you meet certain conditions.

Since you're new to real estate (according to the title), you really don't have anything to base it on other than your own personal experiences staying elsewhere.

Of course, always check recent reviews.. they tell you more than a flashy website.Size Matters: I’d avoid both extremes... massive firms managing thousands of units and one-person operations juggling too much.

came to me through my personal connections How did you finance this deal?

So my questions are:Do I write an addendum to the lease with just one person?

I never had that come into effect on my single family home purchases since I never wanted to personally be on the hook for such a high mortgage, but I think it might come into play for an MFH. 

I love the concept especially given the need in your market for storing things like snow machines, boats, rvs etc, but also for repair or general "fab shops".As long as you are seeing the demand in your specific market for these spaces, and perhaps its worth getting some leases signed up prior to breaking ground but thats a personal preference thing, I think the numbers look promising if the use case is there.