Utilizing empty lot space in this way helps to combat the increasing housing prices and limited supply many markets have been experiencing.

However, what if you prefer simplicity, limited risk, and are living off of the income? 

Failure to meet material participation rules will limit rental losses to offsetting passive income or carrying forward.This post does not create a CPA-Client relationship.

Most will go to 80% of the value of your property, some limit to 70% max.

The result could be limited, no rent growth or even rent decreases.

With your income, you may qualify for an FHA loan with a smaller down payment, but buying now could limit your borrowing power and increase monthly payments.

Two main reasons being: (1) debt does not increase your basis in an S Corp, which means your losses get limited.

You are sum total of the people you surround yourself with.I am a Tardus paying client, none of us that recently posted get any sort of kickback or referral fee for talking about our experiences on BP (although I do believe there is a referral bonus if you refer a new client...but it is nominal enough that no one is trying to bring in new members soley for this bonus). 

I am exploring this area and have heard some noise regarding the further limitations on beach access points along the coast, creating some havoc for str owners.

My recollection is (and insurance experts on BP can correct me if my memory is wrong), but most insurers will only pay "replacement cost"  policy limits, if you actually replace the damaged property.