Given all things, my mind is set on targeting absentee owners, for now at least, and I'm preparing to campaign in that direction. 

Start executing on your planIn addition, here are some other things to do when getting started:- Join your local Real Estate Investors Association (REIA) and start networking- Ask some local investors to lunch (you pay) and be prepared with some good questions- Find a local investor who you can volunteer to do some work for

                $75,000.00              (2014)Lawyer Fee (10%):                                            $7,500.00Demo (2015):                                                    $8,600.00Property under contract for sale:                     $8,000.00The Question: How do I go about filing my taxes. ( my tax prepare is not sure )What is my basis.

Vacation/short term rentals have a lot of turn over, so you would have to be prepared to bear the cost of having the place cleaned etc. frequently.If you pursue this, post back here how it works. 

What tips do you have to help a newbie prepare to interpret proformas when I start looking to buy in a few months?

Its really preparation for selling you expensive services the next day.Even if you go saying you're going to be skeptical, its easy to get caught up in the hype.  

Be prepared to go elsewhere.

You just need to be prepared to not be limited by what you hear.

Everyone has their own analysis but I think it's best to hope for the best and prepare for the worst. 

Are you prepared to weather the storm?