@Tom Rowethat makes me want to throw up.

So to sum it up identify the type of investor you would want to work with and depending on who you choose to work with there needs will differ.

I also don't understand why you would want to tie up your cash so long without the benefits of owning the properties.The scenario of you buying a few now and the rest in a couple years seems to be the most appealing for you both, why are you adverse to that?

I'm from NH originally, but only made it as far up as ogunquit, so excuse the ingnorance.

Can you sustain the loss for a few years and repairs/turnover costs that can come up?

The place is worth $700k on the market as is.

The general rule of thumb on refinances is to do it if you can make back the transaction costs within 2 years.

Non-payment of rent is always the path of least resistance to get someone out in a somewhat timely manner.

Have some income coming in but not from a job.  

I was intrigued with the prospect of buying distressed properties in bulk quantities and finding local investors who could rehab them and put them back on the market.