I've always had this dream of a beach home within walking distance to the beach, so I realize I probably need to back up and look at this more objectively instead of emotionally when it comes to extra wear and tear and higher insurance costs, weather impacts, etc.

HCL=high cost of living areaLCL=Low cost of living area 

However, the biggest challenge is dealing with well and septic systems, which can cost $15K - $75K to fix.

I'm not sure if prices have hit their lowest point yet, but they have come down a lot from when they were very high last year.Thanks for the help in advance.Isn't it really about the time value of money and opportunity costs?

Based on our understanding the SHA can cover that cost, and it'd be a benefit to the tenant since they've had issues covering utility costs in a timely manner in the past.Our questions:- Can anyone else that works with the SHA confirm they let roperty owners include a flat rate utility charge as being covered?

You may need permits for plumbing, electrical, and structural changes.A HELOC can be a flexible and cost-effective way to access funds for a down payment on another property. 

Better software will give you the option of charging the Tenant for those ACH fees, but I personally eat the cost of them.

Cost alone not being my biggest consideration.

So, check into that as that may be an additional hard cost you need to factor in.

When I ran my numbers I found the ARVs to be inflated and renovation costs underestimated.