My current co-workers are extremely talented people and I would love to invest in their future movies and continue to be in a creative part of the business. 3) I want to buy a plot of land in Joshua Tree, CA (which is an international mecca for rock climbing) and with a friend who is an architect , create an amazing vacation rental property for visitors that come in for music festivals, family vacations, climbing trips, and the sort.

And then that has to be compared with how much it would cost to build/have built a suitable structure in that location.My guess (purely speculation) is that since it would have to be new construction, the return on the dollar invested wouldn't make it worth it.

Really  the rent is between the 6 of them.And that visitor clause usually means 14 days in any month, not come for 14 days leave for 1 and come back.  

If you are going out of state you need a team of experts you can trust and rely on so you do not have to visit or babysit them or the projects. 

@Luis RodriguezIts up to that person to decide if where they want to live is suitable or not.

For anyone searching for info on this topic I ended up finding a suitable BRRRR property and everything generally worked out. 

You can simply have a conversation with the tenant and agree to destroy the old lease and sign a new one that is more suitable to your business model.

I actually think it is a good strategy to own properties in places you like to visit or where family lives.

While I ultimately did not work with anyone who came to me through this channel, I might have done so if I was not already aware of some suitable options to meet my needs.

He also asked me how much I had in my savings and when I told him a low number he said that I will not be suitable at the time but maybe I can get some cash funding from a partner...wow, can someone say scumbag.