Last year's summer bookings were specatcular (offseason/winter/fall) have been cold as ice with almost no bookings.  

Cash flow is icing on the cake but does not compare to equity growth.

The buyer can walk away with simply losing his option fee or he can choose to exercise the option.Options are like Ice Cream, there are at least 37 variations.

A NN lease roof an structure in a cold belt state landlord obligations can be way different for a landlord than a NN in a warm belt state where you typically are not encountering lots of snow, ice, etc. that wears down roof and parking lot faster.

The below does not account for tax benefit's, depreciation and mortgage pay-down, that is a separate page coined "icing on the cake" and with aggregate returns.     

I feel like you wouldn't want to be in a position of buying your first rental property to find out a few weeks/months in that you do not enjoy it and then have to figure out what you're going to do with the property to rectify your personal situation.If you are able to find a multifamily that needs work I think that would be icing on the cake.  

@Dan HeuscheleAgree with you on strong rents in San Diego and the equity appreciation is not just an icing, but  quite sizeable.

That is speculating and not investing.Numbers work going in and the rest is icing on the cake if it happens and if not you hit your goals anyway.It seems the primary reason you are buying is for a home for the family to live in so the investment portion seems like a much less important detail than the emotional component from what you have said so far.Maybe just view this property as a happy family home purchase and then if you like the area once you live there look around for properties where you buy just off of investment from the additional cash flow with the low mortgage payment.

- Don't know rates in CA but $225 for a 18 cu ft top mount fridge, no cold water or ice maker, less ~5 years old with a 60 day warranty in Cleveland is not badAre you going to be keeping the fridge and they are contributing to upgrade what they get or are they keeping the fridge if they move out and you are contributing from the goodness of your heart?

Give those signs a call - ASK THEM this question in a considerate way after you break the ice a bit with them, Approach it one of two ways:1.