And while I recognize taking a cash flow hit right out of the gate is not a fun thought, a vacation rental should cash flow well enough that you're at least breaking even in a downturn, and have enough margin that the fat times get you through the slim times with no problem.  

Stay healthy, stay away from bad people.Some ideas to find the deals:walk/drive neighborhoods, look for neglected propertiesadvertise, newspapers, radio, pass out flyersWrite a nice letter to landlordsWhen housing court starts up again, meet landlords there - chatCall and visit owners of Expired Listings - make offersBuild a relationship with a few Realtors, offer to pay them a fee (3-5% of purchase price for unlisted buildings) for presenting your offers to FSBO's and expired listings (auto pilot investing) The purpose behind this is to open negotiations with sellers, I always offer well below their asking price BUT IN WRITING hand delivered by an agent (you save time, cost of gas and you increase the odds of finding a fat equity deal)Study Real Estate Control techniques; delayed settlement, assignment clauses, all types of options, hybrid or JV with sellers, repair consideration with possession (known as front porch offers) use one of the 21 proposals for seller financing (the best highest leverage financing you can get)My LOCK-DOWN has proven to be profitable, I have time to network and develop clients nationwide to mentor/partner transactions.

With those types of gutter systems the ceiling joists are run outside with a board/gutter belly on top, fascia/rim board attached at the joists, and soffit attached the bottom of the joists.

@Scott King Honestly I don't think the margins are fat enough

If you are sitting “fat and happy” so to speak with your rentals and aren’t looking for more or rarely will, then probably your license is to worth.That’s the very short of it.

Track your spending and see where you can cut the fat out of your budget.  

It seems to be an interesting proposition as you can leverage your net worth to gain equity into a deal, but of course there is downside risk if the deal goes belly up, requires additional capital, or if the loan turns recourse (due to operator fraud, etc).What is a fair expectation of equity split of the GP portion to KP a deal with the potential risks of liability? 

@John Bell Is the seller wanting to back out of the contract over the $2,000?

@John Bell I always say the banks aren't stupid.

Wholesaling with no money is like internet dating with a photo of Tom Selleck when you are short, bald, and fat.