You also have the systems, marketing, branding and a global customer base of the flag or hotel franchise.

Some points of emphasis might beFHA loans require owner occupancy in at least one of the units (there may be loopholes around this but if there are, I am unaware)If you are planning on taking advantage of the lower down payment an FHA loan may allow, you will want to factor in PMI into your cash flow analysis until you reach less than 80% ltv.

It allows you to track the numbers better from a global view.

I think focusing on the % of arv is given too much emphasis and the investors that I know who make the most money focus on roi.

There is a global trend of living in urban settings.

From what you've said here: "My risk tolerance is low and my emphasis is on cash flow.

I'm sure when global warming hits it will be worth 7 million so I'll sell it to you for 1 million.  

This post was prompted by this quote from the website of an established syndicator, emphasis mine:"What kind of tax impact is there?

I never know what to actually think about "global warming", "global cooling", "climate change", "sea level rise", etc... 

Jason Turo The collective booking volume that Airbnb, Homeaway, and TripAdvisor generates about 73% of all vacation rental booking globally.