--We'd prefer the property be passive and property managed...while this certainly eats into profit (I've already budgeted this into the calcs outlined above), this has worked quite well at our other VR, but we have a great PM.  

I was searching for a step by step typical outlined process online somewhere, but couldn't find anything.  

This is outlined in IRS Publication 560.

The zoning would outline maximum building height, site coverage, set-backs from property lines, parking requirements and floor space ratio. 

From a high-level that process is: - know your goal and reason why - know the terminology - know how to run the #s - know how to find the good market and submarkets - build a brand - find team members - find investors - find deal - do right due diligence on deal -  close and do asset mgmt Investing in someone else's deal will be a little helpful just to see the process but I think the better approach would be to align yourself with the right people to help you work through the process I outlined above. 

@Brian Gibbons, do I simply go to the Keller Williams's website and sign up for something or is there a process for me to following that is outlined somewhere? 

A few preliminary questions are outlined below.Some questions to ask broker:What is the unit mix (number of 1Bed, 2Bed, etc.)?

The best way to learn how to make Money is to find a Mentor who will take the time to outline your Path to Success and be available to prompt you on the way.

,Neither are for you, given the goals you outlined.

Sounds like you have a good plan outlined.