If you can invest locally, I'd recommend doing that before investing out of state.

Pricing in DFW probably means you wont live rent free,and will have to pay your fair share of normal rent, but you also get 3 more people contributing to your loan paydown and you get to keep the appreciation.Buy hey...maybe I'm wrong....go talk to a local bank or credit union near where you live and get a term sheet from them for financing. 

If they’re underfunded, you could get hit with special assessments.Since you want to stay local and focus on cash flow, commercial makes sense, but have you considered industrial or flex space?

Since you're in Destin, you might want to check with local firms that have experience with STR-heavy communities, as they’ll be familiar with the risks and requirements.

Unique neighborhood and product within local market.

Finding a potential lot won’t be hard but getting a local municipality to give you the green light to build an MHP is going to be next to impossible.

My first ad budget was $295.00 credit I got from my local news paper. 

I can check in with my local bank, but I don't want to waste their time when I'm not yet serious about doing a loan with them.   

Please let me know if you need more info to create a clearer picture.Thank you.That is actually a good question to get advice from a local estate attorney on.

Always looking to connect with other local investors to share ideas!