Without significant cash for PD and reserve funds you will not likely be successful.To qualify as a investor you must have something to invest...cash or experience.Work hard, adopt a frugal life style and save to invest.

Add value to their life, regardless of whether you think you do or do not have the skills you'd like to bring to the table at the moment.

I absolutely love it and don't plan on a different life style in a long time.

Sure your paper return numbers in the $60k area will look better, but the real life returns over time will often not match up because of dealing with that kind of tenant class over the years .

My position is that this damage lowers the value and/or shortens the life of the flooring (or, at the very least - lowers the marketability of the unit). 

I'm a bit surprised that no one has booked in the summer months when kids are off school and families are vacationing.Our typical customer has been mid-life or older couples and best friends although families have been inquiring. 

Not only must you refund the deposit at the end of the lease, but there is also a lot more administrative work on the back end such as keeping the deposit in a separate interest-baring account and keeping track of that for the life of the lease.

Nothing in life is sure I spose except the attorney bill. 

They do their own due diligence, have their own analysts, do their own modeling, create their own PPM, marketing materials, tour the property w/the operator to understand clearly the business plan, making suggestions on strategy, maintain the relationship with the investor base over the entire life cycle of the deal, creating reports, answering questions, managing distributions, K1s, etc. 

If your goal is "cash flow" and it should be if you want to live a comfortable life from now on, you can take a look at a couple of spreadsheets that give you insight into how the numbers work.