I'm thinking one vacation rental has to be as much work if not more than a 3 unit long term rental.I'd like to get my feet wet with commercial financing and working with a small bank and several tenants and all that jazz.

Most businesses do not make money for several years.

Several people I've spoken with suggest creating a relationship with your alderman or knowing the right lawyers who specialize in zoning that can help expedite the process.You also want to consider if it makes sense economically. 

I've seen several on the 1-2-3 hour Free pitch, that provide both extremely bad information and just out right lied to the audience.I think another good strategy might be to go to your local investor meetings. 

It depends on several factors.What is the agreement that you had with your father?

I've been following the transformation of Downtown Long Beach first hand for the past several years and it's truly amazing how much has changed.

I had been looking for a deal and looked at several properties.  

I have already learned an incredible amount by just reading through these forums over the last several months, and can't wait to engage with everyone!

I have several properties in my portfolio including a 4 plex I'm closing in about 10 days. 7% seems very conservative, I think you could find some deals with an cash on cash of at least 10-15% if structured and purchased correctly.

I have done this several times when I am in due diligence on a property.