If you want to go forward, I would suggest that you get a feasibility study done and if it is good and you still want to, to do a commercial site apprasial/study.

I've been studying and educating myself for past 18 months prior to this first opportunity.

To give a little background, I studied Finance at CU Boulder and have worked in construction my whole life. 

low taxes are definitely a plus, and I've jumped into studying the condo market pretty heavily here since becoming a realtor and plan on buying several myself once I get some more cash on hand for down payments.

You might find some information about short term rentals like Airbnb here, which also links to a case study.

It's an interesting case study and I'll be watching to see what does happen at the 30 years left mark. 

I am currently studying the residential tenancy act. 

I would read Becoming Your Own Banker by Nelson Nash and study the infinite banking concept if this strategy interests you.

If a deal doesng go through due to a failed phase 1 environmental study and your LP already spent thousands of dollars on the environmental study.

I've spent the last several months reading and studying about every piece of information I can find on how to start the process of getting private investor interest in me and my company.