Preserved for future generations as a way for the average income earner to build wealth over time and provide a clean, safe place to live for other people.We need more units constructed.

Quote from @Eric Justice: People buying a property in all cash can help future generations.

So no formal education for me got my RE license at 18. and stumbled into a few deals  had a natural knack of salesmanship. 

I will definitely reach out in the future!

The fact that it loses money is somewhat mitigated by my tax savings at year's end (I have RE professional status).You just have to keep in mind that although there's a lot of tourists to the area a lot of them are cheap bastards that gravitate towards the lowest fares out there, and there's so much supply especially in the last 2+ years that it's a serious race to the bottom as you're competing with people who bought at $150-200k 10-15 years ago, never fix up their place and don't care if they rent for $99/night.

I did have to put my property in a LLC, but overall a very smooth transaction and I hope to work with him in the future if I can find any other properties in this super crazy market!

Hey @Anthony Carollo - welcome aboard and hope to do business with you in the future! 

Don't be greddy in your first JV, the fact that they are giving you the opportunity to be part a of a deal will make way more in your future and taking a bigger % in the begging.

@Catherine DingBoth cities are good options but very different RE markets.

This will be a big help for me when I start bidding on HUD properties in the near future.