Check with builders operating in that area as they may have investigated those options already. 

We also have a placement fee which pays for the advertising, screening, showing the unit, completing a back ground investigation on the tenant, taking move in pictures, drafting the lease, and explaining the process to the tenants.

You are being taken advantage of.Make sure you inform your insurance company and investigate to insure airbnb is legal in your area.

Either way, this still works well as a 2 family given the area, so I think we're going to move forward and still investigate 3 family, but assume we will stay at 2.Once we get in, I'm going to try to get creative with the current tenant to see if we can offer them $ to move out ahead of the end of their lease so we can live in the smaller unit, and rent out the large one in the fall.Thanks again!

I would investigate the potential longevity of the town along with the rest of the due diligence.

I had a conversation today with a friend who enjoys aviation and he brought up the idea of investigating the Air Park Development business - building new or buying existing communities to improve. 

After further investigation what grabbed my attention the most, and still does to this day, were the tax benefits from owning property.

So, you'd have to investigate your rights in your specific state.A lease/option is weakest for the buyer.

The reason I ask is because he talks all about proper ways to investigate commercial deals.  

The last time I refinanced it, I qualified for a NOO loan which we should pay off in a decade or less.Our next investment property was also financed as a conventional NOO investment property (20% down, 6.625%, 30 year fixed, etc.).We are just a few days away from closing on another property that is a VA foreclosure (5% down, 4%, 30 year fixed, etc.).After this, I will take Bryan's advise and investigate the smaller regional banks in our area and see if they're any help to an investor.Looking forward to other replies.