I'd start by talking to a mortgage broker about your options, then save up and wait until you can buy in a good location and have adequate reserves.

Certain states do not allow your primary to be foreclosed upon for other judgments (for example I believe florida is one of those states) - they can still get a judgement against you for the delta though.But yes this is a concern that every person should realize, which is also why you see many of us here on BP telling people to make sure they have adequate down payment and reserves before they get into something they have never done before.

We focus on nature areas that draw tourists in, so we haven't seen any major changes from STR to LTR.

If you know that it was personal but deduct it as business - it IS... pick your favorite word:- cheating- stealing- theft- fraudJust because it's unlikely to get caught does not change its nature. 

We run a 53 acre ranch in the middle of Texas, and the stress of unexpected problems coming up with not enough time to resolve them (septic, water lines, other equipment malfunctions, adequate pool maintenance) between guests is too great.I'm aware there's money left on the table.

I have heard a lot of investors investing out of state like Ohio, Memphis, Texas, Seattle, etc, but rarely they say they have apartments and anything similar in nature, in California.

It absolutely matters what the GP is making on the deal, because it impacts the risk-return for LPs.If the GP is taking a crazy high amount, that amount is coming out of LP returns, which means that the LP might not be adequately compensated for the amount of risk they are taking by investing. 

Lack of adequate heating facilities.Violation 4: Hazardous PlumbingNarrative/ Ordinance Description: Please repair and replace exposed piping from the property water is currently turned off.

They prepare closing documentation, handle escrow funds and adequately record the sale.

Not sure if this applies to you but if you are planning on building lots of units it could be a natural fit.