If you're in a high-cost area, consider out-of-state markets where you could buy a rental property outright. 

Too bad you need to eat the high conversion rate now.

For example 3 years ago it was maximizing returns and today it is about preservation of capital.

I do manage some properties near ACU & HSU and I would highly recommend that area. 

Since it was 3 stories it was economic to run a main truck line from the basement to the third floor and a main return duct from the basement also to the third floor; and several other smaller runs. 

So the barrier to entry is not as high as traditional investments.

Getting a property with a partner / friend will not help you from getting hosed on taxes.I wouldn't move forward - You mentioned beng a high income earner so your hourly rate is very high.

Choose a designer who understands what attracts high-paying guests and maximizes your revenue.2.

It's one project, that's more hands off and offers great returns. 

They are usually looking at C or D properties that local agents tell them will “cash flow“ They usually don’t cash flow because of high maintenance and vacancy.