Goal is cashflow positive with 20% down. 

I am Florida native and insurance decisions are critical, given we are prone to hurricanes.Any investors or professionals in the SWFL area, that can recommend an insurer or broker that they have positive experiences working with. 

The cost of living is extremely low compared to other cities and you can still many many positive cash flowing and 1% deals here.

Keep cash on hand and don't put yourself in a position where if your tenant needs a new roof or AC unit right now that you'll have to put it on a high interest credit card.Second, I realize that everybody's experiences are different and so is everybody's unique skill set. 

Las Vegas is another city that doesn't really allow STR anymore, so another city might be a best option.

Plenty of free options out there to learn the business and get your feet wet and start taking action. 

We have several different "types" of properties to include traditional single family rentals, one multifamily rental, lease to buy options with tenants who hope to buy from us, two short term rentals, and some agricultural farm land that is cash rent. 

But I see my options are 1.

Even if you met those requirements, it doesn't sound like you have any experience and you could put her in a worse position by making a mistake. 

Option 2: Private LoanIn this option, a promissory note is written for my partner to loan me the down payment amount (20%/$46K) for a 2-5 year term at a 10% interest rate (details are still up for negotiation - are these terms reasonable for this kind of deal?).