I trust her and her teams ability to get a decent appraisal (obviously not certain with any lender) but as you’ll see below there are much better offers. 2.

ButI'd really like to know what places you found that allow short-term rental along the beach?

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

I'd disagree with the sentiment expressed in the post as a high density urban developer who handles entitlement in two markets. we wouldn't even touch a site that we couldn't get 50 units an acre on at a minimum. urban adjacent neighborhoods allow for this but not suburban. neither do the 2-3 story nature of build to rent properties the density is very low. 

@John Geldert Thanks for the tips, and the potential leads with a local broker/pm team.  

Recommend requesting the seller’s existing ALTA Survey, building plans & floor plans, site map, seller’s prior Phase 1 & environmental reports (easy for them to ask lender for copy), full rent roll detail (including renovated/classic unit indications by unit, sqfts, building #’s, full detail), aged receivables report (will allow you to identify hidden delinquency / bad debt yet to be reflected in T12’s), general ledgers / capex ledgers back at least 3 years to ID major capital projects or damage that wasn’t disclosed initially.

Account Closed is correct, absolutely do both.. especially if youre just starting out even Grant Cardone started with a SFR. but for the sake of his question lets say you have 100k saved up for a real estate endeavor TOTAL, and you find a SFR that fits the 1% ratio (100k house that brings in 1k rent) that is doable if you calculate it out that would equal a 8.2% cash on cash IF it stays at a 90% occupancy rate. on the other hand if you invest that 100k into a limited partnership with a company that invests in value add apartments will now your cash on cash can be a preferred 10% with a target of 16-20% IRR which would essentially double your money in 2-5 years.. in this scenario the SFR would take sweat equity from you and risk while only returning a measly 8% CoC while the MF would be completely passive allowing you to learn and grow without hindrance with a 10% CoCnow we are over simplifying but I hope this made sense.. cuz my brain hurts ;D

And then call the city to see if this is even allowed where your house is located. 

In my nearly 20 years of representing landlords and property management companies, I have advised against allowing tenants to perform services for the landlord in exchange for rent reduction.

Convert Apartments into condos: You'll need to work with professional team to help you execute on all of the paperwork for this but you can find a duplex, triplex, quadplex, and convert the units into a small condo and sell each unit off individually.