In TC specifically, I'd like to keep a unit or two in smaller MFR's as a vacation or Airbnb rental for peak seasons.

3) I would take this opportunity to REdesign the lease and expire the lease in summer time when rental rates are at its peak instead repeating again (12-month lease) in winter time to allow tenants play this game on you in their advance.After reviewing these, you should have a good idea about the lines and should help you find a direction.I would keep tenants if they are good and takes care property well. 

I believe the RE market is close/at its peak and have planned on getting in to the RE market in 3 years once I'm out of college, where the market might have gone through a recession and I can pick up more value in houses.

I would say no unless you think your market has peaked. 

I want to treat this as a business and have just recently had my curiosity peaked regarding notes specifically because they don't involve the stress of repairs.

@Ryan Steele you have peaked my interested.

I also believe we're at the peak now and teetering on the edge of another housing bubble that is tied to a general economy bubble but that is another discussion for a different time.

She's an older woman (we'll call her Jane) and lives comfortably in a trailer with some pets and an elderly roommate on 5 acres of land.My father in law owns an investment property on the coast, about a half acre of land, that he bought in 2007 at the peak of the bubble.

Some of the properties, we had idiot agents literally tell us it was not a good investment or we are buying at the peak, but they had equity and cash flow....go figure, lol.

Doing the math we will be covering most of our expenses in the peak season with rentals and have the place more available for us the rest of the year.