I know many of you may think how can you do that ,well fortunately  we happen to be in an extremely relaxed lending environment ,ive been in this business for 30 years and this is only the 2nd time i;ve seen real estate lending this relaxed ,for you old timers ,i know you can remember when their was no seasoning of title , in that period i was able to acquire 20 properties in 6 months ,moving right along ,heres the formula 1) find a property that needs a rehab in a b or c+ neighborhood,determine that after the rehab you will be at a 65 to 70% arv,next after you've acquired and rehabbed the property refinance it ,heres the example ,$45,000 purchase ,$30,000 rehab ,finished value $125,000,now you have a couple of options,you can refinance the property in 30 days at a 70% ltv,or you can refinance it later at an 80% ltv in 90 days,,using the example at 70% your cash out is $87,500,lets assume that your settlement costs were $8000 per transaction for the intial purchase and refinance,this equals $16,000 ,your cash out is $12,000,which leaves your out of pocket at $4000,this would be your total outlay,assuming that you rented the property and had net revenues of $500 a month your total return yearly would be $6000 monthly,your roi is 50%,now if your roi wasn't this high ,let say 30% annual return ,i don't think you would be too mad ,however you have another option and if you are not in a hurry you can refinance in 90 days at 80% ,when you refinance your cash out would be $125,000x80=$100,000-$75,000=$$25,000-$16,000 would be $9000,,so the $64,000 question would be how much did this really cost you,rinse and repeat this formula over and over  and you will be a happy camper              

I would probably avoid th ecomplications and environmental requirements of a actual marina and simply install docks for the tennats boats.

You have all outside responsibilities, the more the door opens the more often the A/C and heat kick on, the harder it works.Are there any environmental issues with these business operations?

A UV light will need to have the bulb changed probably every year.One investor that I know claims that a disgruntled tenant continually ran the water to saturate the septic and drain field, causing him to spend $25,000 for a new system, immediate afterwards he sold the property.Shallow dug wells are susceptable to all kind of pollution including fertilizer, chemical and natural, septic systems, insects and even a decaying animal.

Also, the cost for environmental mitigation probably is worse than California, you have volcanoes!

Travis WestCIEC 0609003 (Certified Indoor Environmental Consultant)MAC0325 (Licensed Mold Assessment Consultant; TX-DSHS)

Big government projects like airports can take years longer than anticipated.It is not uncommon to see investors who think they have gotten in early and picked up a huge deal run out of money as the development they were counting on near their property takes way longer to happen then they thought.The DRI process alone can take years and it only takes a small group of citizens or an environmental group to bog this down even longer.I'd pursue option contracts with clear language to extend the option for many years in situations like this.

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In Texas for example there are restrictions that there can be no more than 7 homes per acre as a means to ensure that septic will not cause pollution (some counties restrict one septic per acre, but you can get around this with a larger commercial system for multiple homes...).  

Environmental bills I believe are under Housing, but no one at housing will be able to help You need to go to the environmental control board.