A small but solid cash flowing unit Lessons learned?

If you change the use of a property by converting bedrooms or reconfiguring properties you can also make solid returns where other investors turn their back.

I agree with you're thought process, in the event that a solid deal presents itself, your best route is to use a HML if you're looking to act fast.

Do houses make solid investments in this market or is it a better idea to focus solely on cabins?

My plan is to start virtual wholesaling for at least a year, to get solid skills in finding & selling deals, as well as getting enough cash for future fix-and-flip investment opportunities.

We know the owner personally and she has owned it for about 10-12 years with solid snowbird rentals. 

Congrats on taking the next step in your investing career--it sounds like you already have a solid footing with the experience you've gained from the 4-family.I'm an investor and investor-agent based in Northern NJ, so always happy to connect and expand the network.

I'm still working on getting my processes rock solid at this point.

That is some solid cash flow and a lot of equity you bought into. 

But my guess is you're on pretty solid ground.