When I am brokering, I have virtually no risk of my own capital and the money is coming from institutional sources.

I've heard Ocean City, Port Royal, VA and others.

And yet, most investors, big and small, individual to institutional, tend to only focus on one thing: the monthly management fee.

Your financial activities are essentially outsourced to another institution, which may have its own policies and vulnerabilities.What Can You Do?

I would institute RUBS for the water and make getting the power split up a priority.

The issue is that it does eat into my free time, which is very precious to me (I also don't have a lot of it).If I want to exit I guess I can look for an institutional buyer at around 5% cap?

Here's an overview of some common types:Traditional Commercial Mortgages: These are conventional loans offered by banks, credit unions, and other financial institutions to finance the purchase or refinance of commercial properties.

Quick update: Rockaway Beach OR has instituted a CAP on nightly vacation rental permits.

Anyone know of an institution/bank/whatever that lends in WA state willing to do a purchase money second up to a 90% CLTV? 

You could reach out to Kevin Kim at Geraci LLP in CA who's firm does securities and PML law in all states and is intimate with CA, OR, WA, and ID laws as well as corresponding state specific financial institutions governance (in WA it's called DFI or Department of Financial Institutions) and how to navigate their expectations accordingly...