Hello members, I am a first time investor recently moved back to Michigan, my focus was primary residents and after moving back, I had to rent my previous house out in New York which is producing some good income.

We are considering purchasing an income making property and business combined, 10 acres 3300 sq ft home and barn. Venue is rented out for mostly weddings. Current revenue last 3 years (as worked part time) is 75-95k a...

 - your market has produced one of the best residential returns in the nation for this century

You can get tamper-proof shower heads that cannot be "screwed off" ... many manufactures produce one or more such models.We install low-flow shower heads (1.25 - 1.5 USG/min) in all our units and have never had complaints or issues with tenants removing them.  

In general, it is preferable to reduce or eliminate debt that is not producing cashflow before investing so your personal balance sheet shows more assets than liabilities.It sounds like you are in a great position being a year away from paying off your vehicle and student loans.

However particularly for high revenue or six figure producing properties, operators can theoretically employ a full time and designated manger for a lower total cost. 

In that way, it's much more cost-effective and produces strong results. 

To start, I'd do a Discounted cash flow analysis and cap it like a regular income producing rental....do you know the rent the tenants were paying in the two sales you showed?

You have to buy a property that will produce enough income to mitigae those items.

Others will reject the idea because you can't produce an income for their office and will likely be a taker, not a maker.My suggestion is to get a job with an established property management company.