VRs (and I'm assuming we are not talking the traditional beach or cabin rental) require a lot of day to day work, more money upfront, higher management and maintenance fees, varying degrees of complications and regulations depending on where you are.

The other loan is an interest only loan they gave me to do a flip that i have finished but wound up renting immediately after i finished (complicated and a story for another day).  

Drawing out the refi might complicate another purchase I'm contemplating.

I own out of state rental property in NY and will have a semi-complicated tax season as I've started my own business, will be harvesting some gains/losses, moved, have multiple W2's, had a child.  

Anyway, for someone in a similar situation but without the non-compete complication, here's a successful idea that I have seen a local entrepreneur do:https://www.tripadvisor.com/Restaurant_Review-g609...As you can see, there is minimum lot development on your part if you can find a local restaurateur interested in a similar set up. 

Still keeping an eye out for other developments, but limiting the size a bit to make things a little less complicated. 

How complicated is the process for a first timer?

Its complicated, and if you end up with a dud you are done for.Good luck.

That's because if for whatever reason things go south, depending on your jurisdiction, a foreclosure can eat up a lot of capital and time, there's also the threat of federal/state tax liens complicating matters. 

aaron buying notes is quite complicated if you are not in on the origination of them.