I may not spend as much on maintenance and capex right now but in a few years I certainly will as every component has its own life cycle.  

The payments you receive have two components, interest and principal. 

Its one component of the whole package.  

We will be replacing the major components of the property so we should not anticipate any major repair issues. 

Other than the land component, is the infrastructure (roads, pads, water & sewer lines, etc.) eligible for depreciation over a 15 year period?

Depreciation recapture seemed to be the one thing he was most concerned with. 3) What are your thoughts on coming in at a lower price with a higher interest rate component?

., Yes, you can structure a Forwarded 1031 Exchange with an Improvement 1031 Exchange component and you can structure a Reverse 1031 Exchange also with an Improvement 1031 Exchange component.The Forward 1031 Exchange/Improvement 1031 Exchange involves the sale of your Relinquished Property first.

If all goes according to plan, the Asian flatscreen component manufacturer, FoxConn, will begin construction of a new facility here that will ultimately employ 13,000 people.

There's no guarantee the populous wanting to visit your vacation area will always have the discretionary income to vacation e.g. cyclical economic conditions.I would imagine your wife and father in-law though may have a pretty good handle on the risks associate with vacation rentals and how to minimize those risks.Getting back to my original point, if your early business plan requires a method to raise capital and you can tolerate a little higher risk profile in your investments then buy early investments that have an intrinsic value component to allow for an increase in the equity above and beyond the ingoing cash flow.You are asking the right questions.

I suggest you continue to read and learn -- that is a key component in reaching your goals -- Knowledge.