Generational wealth being a father of three.Leaving a string foundation for my children and additional streams of income to retire off of.

It would negate the personal use, but it would provide a steady income stream above normal LTR rates as you charge per room.

Most Financially independent people have multiple streams of income. 

Wear and Tear" is different than "Tenant Damage".A family in a house for a few years with worn carpets = wear and tear.A family in a house for a few years with a gallon of paint spilled on the carpet is tenant damage.Things wear out from use, expect that, it's a cost of doing business, but actual damage they should pay for.Just my thoughts.Good Luck!

Vaping still uses nicotine and other chemical flavoring and suspension agents, and be spilled on carpets ,counters etc.Calling smoking by a different name is still smoking.

Cabinet surfaces and countertop should be free of grease and spilled food.

Retail centers are underwritten differently as you have multiple tenants for an income stream with a lender so break even occupancy for the mortgage is different.

It's available free from many sources.What's the current cash flow stream worth?

On the flipside if you had a marina that did not service boats  in any way you could always put condos next to it just be very very careful about ground water quality soil quality previous spills all kinds of fun stuff and by fun stuff I mean everything having to do with the boat is toxic  in the eyes of the Manatee huggers and if you're going to build on it you may have to clean it up first .

I have experience buying SFR as primary residences, however, I'm looking to get into BRRRR while building a passive income stream.