If you pick a popular place close to the beach and rent it out for the entire summer you have a good shot of making money.

., you very very rarely see these 8"+ rain events), you might simply dry things out and recoat.If it's likely to reoccur, french drains are an alternative.

If he is mainly looking for funding, what kind of proposal would be a good alternative to a straight loan?

You could try Rentometer.com or you could just see what Zillow/Trulia etc say, or you could ask a real estate agent that might be familiar with the area what the Comps are as far as rent goes.Don't forget alternative strategies such as corporate relocation rentals, etc.  

IRRs are also driven by alternative investments (stocks, bonds, savings rates) as the projected returns on these investments decrease, so does the IRR required to attract capital to your deal.My experience (I am a buy & hold syndicator, still waiting on the right deal for my first flip), investors today expect 15% minimum IRR (low risk.)

I wish life was that easy, but there never has been or never will be an alternative for experience.

Personally, I generally prefer more risk and higher yields to the alternative, as I think cash flow today is a better proposition than the hopes of appreciation tomorrow.

I do not have a name for your area, but this thread will tell you how to find a more affordable alternative than full custom cabinets:http://www.biggerpockets.com/forums/67/topics/1552...

I have a career in the public sector but would like to start working on alternative forms of income whether that is through acquiring properties to rent or becoming a real estate agent…something I can do on the side and ensure income for my future. 

As an alternative I could just have him hand keys to the building superintendent and then do a move out inspection on my own.