Hey @Mary Anne Echu, welcome to the BiggerPockets community!

Its my understanding that the individuals are responsible for all the legalities, contracts ect to make it safe not to get ripped off. 

When investing in real estate, having multiple exit strategies is key.For a single investment property, make sure the numbers work for both scenarios: 1️) If you decide to sell the home, the deal should produce a solid return. 2️) If you need to rent it out, the rental income should cover expenses and provide a profit.Flexibility is what saves you when things don’t turn out as planned.

Welcome to BiggerPockets, @Aurelien Kuetche Fosso!

Never used a DSCR loan in the past and have always understood those rates to be higher by a point or two in most cases. 

If not you might be stuck with the work and the commitment to doing it since the city would be the ruling party.

If you offer more $ for the property than the all cash offers AND you appear to the seller to be highly qualified in the method you are using for sourcing the payment, at some point your offer will be more appealing than the all cash offers.I don't understand why you would consider a 1031 for another property in two years. 

We like the short-term rental idea because we could stay at the property ourselves when we want - summer break, spring/winter breaks, etc.Our budget will be right around $1M or less ideally, and we would like a short distance to the ocean.How likely is it that we could find a property as described above and have it cover or come close to covering the mortgage? 

I live in the greater Naples area.

It is a mobile home and I was able to get seller financing for half of the purchase price.