I've heard/seen this from numerous business owners I've sat down with to discuss their business.They rely on those ~8 months of the primary school terms (fall & spring) to bring in the majority of their annual business and just ride out the summers the best they can. 

Yes, I’m sure this development will have numerous restrictions, things the owner can’t do.

I would recommend starting out in a smaller deal to get your feet wet. 

Suggest you wait until you've got your feet wet with the first one, you'll learn way more than you would ever expect. 

I have read numerous information about the subject in question already, including videos from this site.

Those who have experience in buying rental properties, what would you do if you were in my shoes to get your feet wet?

All,Long term follower of BP and gearing up to get my feet wet with my first rental property.Equity will most likely come from my parents and I (not a proportionate split).

I'm looking at refinancing numerous rentals right now, and my own personal home.

Congrats on getting ur feet wet & the experience, i believe is great thing to go through, even the tough times can be learning lessons.

Getting my feet wet.