I have no desire to mix finances.

For being the city, I would say its one of the more desirable places (Near the court house).  

I own a recently updated SFR in a very desirable location which used to be my primary residence.  

I have little to no desire to be a wholesaler; but, I'd be interested in buying good fix and rents in the D/FW area, in the B/C categories, although for C properties my Spanish skills are sketchy at best.

I found a property for a $180,000 that was in the desired area but needed serious renovations and I am not experienced in that.

It all depends on the local ordinances.The real question is, if the area has been zoned retail, how desirable will the property be to a future homeowner?

I currently don't have plans (or desire) to have employees under me.

I have a Phoenix short sale condo rental I have been in the works to buy since February and would like some feedback on the investment thesis.I am planning on paying off the condo through additional principal payments to have it as a long term rental property to help support a financial independence plan.The condo unit is 2br/2ba, 15 years old, and is located in a desirable area with luxury amenities.

Back to your question though, most beach properties are desirable, but you're going to need better insurance - hurricane season is almost here - and you're going to have to pay more for the property itself.When you're looking at multi-family properties, you should be able to find some with at least partial seller financing, so you won't have to tie up as much of your credit and won't have to buy a property all for cash.

I'd either run away from this or buy it if you can get it extremely cheap (for what the land is worth) and you're in a desirable neighborhood (good appreciation or close to schools, businesses, public transportation, etc.).