For example, the iconic Malibu waterfront homes were built directly over the water, many by variance, and assumedly will not be permitted to reconstruct, certainly not with the same materials or attached architecture.

My property in that price range bought recently is negative cash flowing. 

Providing relocation assistance to tenants, for example, if I want to sell the property or move back in - this can range from one month's rent to thousands of dollars (e.g tenant has a disability, minor children, elderly it will cost you more), depending on the city.

Rents for medium term rentals usually range from 1.5 times to 2 times the normal rent for a place.

With that in mind, you'd also have to make sure the land you'd buy has water and electric running to it already.

(And I would tell you to not buy a property that doesn't cash flow unless you have significant resources behind you that could absorb anything that could come at you - like replacing a $5,000 AC one month followed by replacing a $1,000 hot water heater the next).   

Get pictures of every room, the electrical breaker box, water heater, furnace, each side of the house, the roof, the basement if there is one, inside and outside of the garage if there is one etc.If the seller doesn’t want you to come do a walk-through and take pictures due to concerns over COVID-19, then have the seller take pictures and send them to you.

@Alecia Loveless is correct--tenants need access 24/7 to their electric service panel, water and heat, assuming those are individual utilities for each unit. 

Rates will range from Prime (currently at 7.5%) to Prime + 4% (11.5%).

Why are we OPECS water patrol?