Put your best foot forward.For a water front house I always lead with the water.For you it could be the arcade room. 

Purchase price: $465,000 Cash invested: $80,000 Checkout my Airbnb here: airbnb.com/h/madeirabeachoasisSalt Water Pool & Hot Tub: $60,000Tiki bar with electrical hookup: $3,500Mural: $1600Interior Furnishings: $6,500Exterior Furnishings: $1,500Monthly gross booking revenue: $8,000-$12,000

Don’t assume that you will have water.

Purchase price: $465,000 Cash invested: $80,000 Checkout my Airbnb here: airbnb.com/h/madeirabeachoasisSalt Water Pool & Hot Tub: $60,000Tiki bar with electrical hookup: $3,500Mural: $1600Interior Furnishings: $6,500Exterior Furnishings: $1,500Monthly gross booking revenue: $8,000-$12,000

Please consult your trusted professional in getting accurate information as it relates to the estate.This site has 1031 intermediaries that have far more expertise than I have about 1031 but 1) you cannot 1031 a pure OO property.  

@Sharma Parth the company is out of Arizona and in 12 markets.Just a few years ago, Flint had a major crisis due to lead water line poisonings.

Purely answering the 80% vs 90% leverage question, in most cases it's better to reach for that 20% down.

@Marc Robinson what's the lot rent, who pays what utilities and what's the source of the water and sewer?

I sold my company to a national PMC named PURE,  they have a large footprint in California and are always looking for people at most levels. 

:)As for LTR rental terms, usually we sign a 1 year lease where tenants are expected to pay Electric and Gas if applicable, while the owner typically pays water/sewer/trash with the city.