This will create some more movement, has been holding up quite a bit of growth.

Hands down one of the most efficient ways of learning the ins and outs of real estate investing without taking on to much at once. 

I believe the property manager needs be on island (but i could be wrong).

Generally, the further you get out of the urban center, the more likely you are to find cash flow.

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

Hard Money How did you add value to the deal?

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.

Please let me know who you have worked with and why you like them (How many properties do they manage for you, how long have you worked with them, what you like about them etc.)When the unit is vacant, do they cover the cost for professional photography to rent it out again, or is that an additional fee? 

@Tom Rowethat makes me want to throw up.