When considering 'break-even,' cash flow is included...it's the overall ROI that the property generated for you during your ownership.  

Additional Info —Key Details:Location: Outside Santa Fe, NMProperty Size: 20 acres (valued at $80,000)Project: Two new STR unitsExisting Experience: Family has two fully-occupied LTRs nearby, generating $2,000/monthConstruction Approach: Self-contracted with licensed trades for electrical/plumbingCost Assumption: $80,000 per unit, plus ~20% for inflation (based on 5–8-year-old build costs)Financing: Using land equity as down payment on construction loan (expecting closing costs to be major expense)Request: Looking for feedback, potential pitfalls, and general guidance

The question: A commerical property in a highly desireable location which could fetch $6+ million and generates about $400k after expenses became available and I'd like to add to our portfolio instead of doing a 1031.

VRBO guests seem to be older and more multi-generational, family-oriented (our target market).

They just generate chlorine at a constant rate depending on the system setting.  

Learning from agents commonly working with investors is your next opportunity to find a mentor.To be honest, I wouldn't try to find a mentor from random investors on the internet.

The increased risk is generated by the fact that the owners are relying on the validity of the tenancy in common Agreement for their usage rights, and it is possible to imagine legal circumstances under which this validity might be undermined.- If the subdivider or someone with relationship to subdivider sells, a public report must be done.

Things can and will go bad, but once there is enough monthly cash flow generated it will be extremely difficult for that one big issue to put us away or even 2-3 big issues all at once. 

I am sure there aren't many comps that this would generate.

If the market rents do not cover the mortgage, you may do a no ratio DSCR for a higher rate/reduced LTV  Which most likely the 1007 will be nowhere near the revenue generated by a PadSplit operation.