Will give you a place to live for cheap, get management experience, learn more about how expenses work and give you some tax benefits.

  :) I would never recommend this but most people just get a cheap demo person to remove it.

Travel to the area for a 3-4 day tripI would consider making a trip to the area that you plan to invest in.

If you are getting a place on the cheap - especially in today's market, you might have LOADS of work ahead of you in repairs prior to placing a tenant (or 2).Still workable, but that's what I see from the info you presented. 

I purchased thru her as a realtor, moved to the location as my primary residence for a year (I travel/work from home), then turned the unit over to her property management company/team after my first year enjoying the unit.  

He said that he needs to find a 6 month rental for two executives that travel to Destin for work frequently.

Basically, he has all the money, and I have all the time.He currently owns 18 properties and is a Doctor, with very little free time.Basically, I proposed to him that we could start out with a small, cheap flip- where I would find the deal, off market or on market (I am a full time realtor) and I would manage the entire flip from beginning to end, then could list the property since I am a realtor too.

Or are they there for vacation/business travel and have better things to do?  

My guess is this is motivated by 3 things:- Travel and bookings have got to be way, way down.

Basically, he has all the money, and I have all the time.He currently owns 18 properties and is a Doctor, with very little free time.Basically, I proposed to him that we could start out with a small, cheap flip- where I would find the deal, off market or on market (I am a full time realtor) and I would manage the entire flip from beginning to end, then could list the property since I am a realtor too.