For example, the iconic Malibu waterfront homes were built directly over the water, many by variance, and assumedly will not be permitted to reconstruct, certainly not with the same materials or attached architecture.

Section 8 can be a PITA in some areas with things like paying rent on time if there is a water stain on the ceiling.

It's wise to stick your toe in the water first and fail fast in a small way if you're going to fail, right Vanessa?

Also, for every good deal, there could be bad deals others will try to spring on me due to my disadvantageTo that end I have been considering two paths:A.

I originally found BP to help myself nagivate the waters of RE.

Due to this water being behind levees the water stayed up for 4 months. 

The market does pick up in the spring, due to seasonality, but the 10yr yield will be more indicative of buyer interest.

Quote from @Chris Seveney: @Charlene Kingsnorth have you had an sec attorney also review what you are doing as if you're are having multiple people as part of a loan participating in it depending on the state this could get you in hot water - so be careful  good point Chris some state allow fractionalized deed of Trust mortgages other do not or require PPM like documents prior to offering them..

With that in mind, you'd also have to make sure the land you'd buy has water and electric running to it already.

Then based on @Michael Baum's suggestion, I think I will have my cleaner and/or maintenance person do monthly/quarterly maintenance like using using enzyme based cleaners, grease fighting drain treatments and hot water flushing.