The $1M cap is an important restriction, but I actually think forcing issuers to have audited financial statements for raises over $500k on their 2nd offering will effectively make the cap $500k for real estate operators.  

They will put up the majority of the capital and  I will be the operating partner.

., however a simple operations change will fix all these issues.

I dont have much info to give u on the area, but if you want to be in contact with other investors that operate in the area im happy to be one of those.

(This is true in the markets I operate)

I think you are saying you have about 100k of equity to work with if you sell/exchange in which case I would suggest you look at MFR'S, either in close proximity to you as you referred to or even considering another market if necessary and just figure out those relationships you need in that other area the same way you would vet the turn key operations and resources.  

Do you not include setting money aside to cover vacancies to be a part of your operating expenses? 

If you're interested, I can create a projection for how much rental income to expect by operating a home as a vacation rental. 

This has allowed us to pursue other projects, joint venture with more veteran investors, and pay off 100% of our student debts, All in all, our company Mainstay Property Group has transacted 50+ deals and acquired 10 units for our personal portfolio in our first fully operation year as a real estate investment firm.

You'll have to cover closing costs, plus have operating reserves in place at closing.