Give back to the communityOverall love REI and very dynamic field that keeps me on the edge to learn everyday. 

They will be able to answer your questions and help you get a clearer picture of what a successful deal looks like.Assuming you need financing and you need a developer/operator in order to bring your deal together (which it sounds like), the people who occupy those key roles will make or break your deal and bringing a deal to the table that satisfies their requirements and that they view as a viable deal will greatly advance your learning as to what the critical factors are.Every market will have different dynamics which will affect your build to cap and it will depend on your expectations as well as the expectations of your investors and lender given the market you're operating in.As for stabilization, I typically see 18-24 months budgeted but a good operator can get it done in 12 with proper pre-marketing and solid market dynamics.Get a feasibility study done before you close escrow if you've already targeted a specific parcel.

My plan for this property has always been buy and hold, essentially forever, since the dynamic in the market requires no work on my part to rent or manage the unit. 

Paul, I'd advise looking for a realtor who owns properties already and understands the dynamics of the actual formulas on costs/expenses as you will need guidance on a lot of details. 

I am reading The Book on Flipping Houses and getting a plan together, but the vacation area adds a different dynamic to the whole thing.Thanks for reading!! 

You'll also change the dynamics of your buyer pool.

@Robert Campbell Kansas City and Jacksonville are two very different markets with very different dynamics.

Keep positive outlook and visualize your goals and take action.

Having two tenants under one roof changes the dynamic a little. 

Another plus of the boot is the visual and social pressure, especially in a large complex.