If you are considering looking in that location, I HIGHLY suggest you connect with a local expert like @Josh Green

The manager doesn't determine what they do and don't like, they 'manage' the HOA to comply with the law and guidance from the Board.

So if, for whatever reason, laws change and you can't rent it out on Airbnb, etc, it still cash flows if you need to rent it out to a traditional long-term tenant. 

One didn't make your list.1) I see people all the time raising money for real estate deals but they call it a partnership either because they are ignorant of the law or they are trying to avoid paying for all the legal work. 

I've confirmed it with a few other local real estate investors the same sentiments. 

Highly recommend partnering with a local realtor who knows the market. 

Besides reading and listening to podcasts, my wife and I attend a local real estate investor meetup that has been extremely beneficial. 

@Darren Samson what kind of loan you can use is a question for a local lender. 

I think Landlords are better off using strong policies, knowing the law, acting quickly and professionally.

For example, if the loan officer asks you what your monthly payments are and your mother-in-law moved in with you because she is struggling financially and you are paying her car payment, don't share that you are paying her car payment every month.