No, you likely will not be cashflow positive out of the gate if you invest now.

Interestingly, they've recently negotiated a re-purchase price with us IF we bring new funding to the table.The rehab is required for several reasons: (a) correct the damage the bank has allowed to happen to the property improvements these past few years (known problems include completely destroyed pool makeover; wild animals living inside the residence; flooring missing in sections of the rec center building; destruction of the decorative main entry gate mechanism; lots of dead landscaping; as well as latent defects not known to us such as working plumbing, HVAC & water services) AND (b) expansion & upgrading of the accommodations (converting the private residence to a 2-story lodge with the restaurant/bar, reception/check-in, movie room, public restrooms, gym/sauna/steam room/massage therapy room; enlarged pool & deck area with climate-controlled cover for year round use; conversion of former restaurant/bar building to a general store selling venue collectibles & wearables, selected pre-packaged foods, sundries, RV & camping items, bagged ice & a propane refill station; construction of a free-standing event center; free-standing cabins; enlarged & upgraded RV park with its own small restroom/coin-op laundry building; outdoor activity areas; new landscaping & fencing; new parking area & entry drives (personal car & RVs).We know our target audience having created and operated the former version of this resort for almost years creating an initial membership base numbering about 1,100. 

At the moment the gate to the law stands open, as always, and the gatekeeper walks to the side, so the man bends over in order to see through the gate into the inside.

Quote from @Heather Gates: I have a small MF property I am thinking about trying to do a 1031 exchange with.

Home is rather large, in a corner lot and with an RV gate.

Home is rather large, in a corner lot and with an RV gate.

And this was in a nice gated community in Miami!  

I'm looking to submit a bit for a SFR in the Bay Area in a gated community with a HOA that I've heard have limits on rentals.

You can convert that to an LLC down the road but remember FHA was made for primary residency so those products even though have up to a 4 unit allowability, aren't treated as investments/can't be put in an LLC right out of the gate. 

Quote from @Heather Gates: I'm also a small multifamily investor in the Tulsa area.