Having said that, I was just involved in a $10M deal in Miami that is definitely cash flowing negative for a while but it is an assemblage of an amazing piece of land with amazing entitlements with multiple exits, all designed to negatively cash flow...my point is its all about the plan...hard and fast rules are usually wrong....what’s that saying “foolish cosistency is the hobgoblin of simple minds”

Can anyone recommend a local lender or help outline some steps involved in this process?

I'd love to eventually get to this point and I've read and heard on the podcast that you shouldn't necessarily start small, so I figured I'd try to run this property through my calculations.That being said, I'm trying to understand some of the additional costs that may be involved with a property of this size.

My partner understands that there is risk involved.

Others in the area have told me they have great luck in that area, but I'm unsure if I want to be actively involved in AirBnB or go the more passive route with a long term rental.

Go to local meet ups and get involved with other investors in your area3.

Buying and selling involves  fees and taxes that vary by state and municipality.  

There is a risk involved in getting the property up to proforma performance.

Julie,This is a very involved question with many different ways to approach the question.

The prices have been going up over the last few years and it is tough to make the number work at all if you are seriously considering ALL expenses involved.