Tertiary markets can be cash flow heavy but tenant/asset risk exists.

Be careful of investing based on existing relationship.  

I do mean 'Millionaire' not multifamily, but wish that one existed!

This tells me two things: Obtaining a variance will be more difficult because there are already policy considerations in place intended to reduce density & (2) There is clearly an over supply of rental units in this area otherwise the overlay would not exist. 

Sadly the property no longer exists; it was at 22 Riverbend Drive sitting on the Swannanoa River, and like all nine houses sitting on the river, it was swept away and floated down the river.

I am debating about the converting the existing old gutted building to either multifamily building (6 units each around 500 sqft small studio) or mix of 4 residential and 2 retail/restaurant conversion (the back side of the property has Big enough lot for outdoor dining or any other use cases.Any recommendations for use case of pure multifamily or mixed of multi family and retail?

Look for properties on main corridors or sites with existing structures (e.g., small houses or retail buildings) that can be torn down and redeveloped.Challenges in South Florida: Be mindful of market conditions and local regulations.

Does anyone know if the mobile homes we purchased existed?  

At the end of that period, the owner must pay off the existing loan and get another loan to pay off that old loan.

I can't compel competence that does not exist.