So buy it low and sell it quick to make the spread is the name of the game.Long term investors will figure half the rent collected goes to reserves, management, vacancy, evictions, repairs, etc.    

Also, what do your capital reserves look like?  

Also, how are your cash reserves?

Like any asset driven business, you need to set-aside sufficient reserves to ensure the long-term viability of the asset (or whether long-term viability is even an option).

If the property has enough cash flow to cover the payments and I keep a 6 month cash reserve will a bank be willing to refinance to a long term loan?

I don't have a whole heap of reserves and will be using a ploc for down payment on this contract.

For vacation rental property I would suggest you manage it yourself - a property manager and reservation agent can be very expensive - if you are nearby do it yourself and save a ton of dough.

If it's on your dime, you have strong income and solid liquidity for both down payment and large reserves then I would say buying a 100 unit building is in theory better than buying smaller complexes.  

I normally wouldn't want to borrow from friends, but would have enough reserves to pay off the loan worst case.

(hopefully the appraised value is at least more than what I am into the unit for)  My issue is I want to be able to have a little cash to use toward the next deal, and maybe even over time build up cash reserves, as well as pay myself for living expenses.