What gets expensive is replacing a deteriorated side sewer from the house to the street, when they use the cleanouts and find out what's going on down there. 

I will plan to improve the common areas, property fencing and siding. 3 of the 4 units have been turned in the past few years so there is not too much to do inside.

It will damage the firebox and the chimney as it burns hot and fast.  

I can kick it to our retail real estate side of the house.

Lake side homes are more desirable for short term rentals in this area but not impossible to accomplish.

If one partner unconditionally guarantees the debt, this can sometimes require some side room guarantees to that partner to ensure no one recognizes a capital gain.As a few others have alluded to, there is a secondary problem known as a "debt financed distribution interest expense." 

I'm guessing that Devin and Dennis are on the developer side of things...... :-) Haha, yes I am on the developer side of thingsSo my perspective may be different than others

You want to make sure the seller is getting their fair side of the deal but especially from a tax perspective, there are ways in which you can make it very lucrative for them.

The key is to compare each scenario side by side.

Other hot spots I am sure you will hear about are Florida, NC, Texas, Indy to name a few.