If what I describe seems likely, the decision is very easy  Good luck

It is amazing the cities try to take aim at the landlord ( and of course there are slumlords) but I suggest that most folks on BP that buy into these situations are NOT slumlords but when they encounter the issue you describe which is constant through the asset class they run out of money they get thoroughly discouraged by how this class of tenant lives and acts and just throw up their hands then get labeled as the greedy out of state landlords who wont keep their properties up..

I speak to people less than 20 years old who are just starting to save $ for their first deal and so many of them want to buy properties such as the one you are describing here.Despite case studies (and possibly demand) being scarce in your market, the #s don't lie!

The good news is that real estate can provide you with the lifestyle that you are describing: No 9-5, cars, travel, financial freedom, etc. 

For what you are describing you want to do, I would not use HM no matter what.

I had heard as you described about if in same vicinity, if the homes were significantly different life styles that you could get 2nd home loan.I live in inland north county San Diego (Poway) and wanted a 2nd home loan for a San Diego beach property (mission Beach).

Looking forward to your LLC suggestions and also any info on what a LLC can do for someone who is doing what i just described above .

These experiences seem quite opposite to what you described as a fairly seamless and quick process. 

They are not a bad investment (I have them): but they have a different purpose than what you are describing now.

If a beginner buys TDs as described in this post, and they yield 10.5%, what type of losses should be expected over the long run?