This would be my wife and I's first investment property so we want to make it something that is for the most part turn key and is something that will produce cash flow so we can keep the train running.

Cons - Higher closing costs, higher loan amount.Conventional - Pros - Lower loan amount, less susceptible to significant market correction, more attractive to sellers.

On paper I see a 20,000 cash property that would rent for $850, producing cash flow that might be worth the effort.

So I would suggest you may want to take a deep look at yourself and ask "What is it about me that attracts lousy workers that I need to keep tabs on and repels honest workers that can be trusted to do a job?"

In that same amount of time, I will expect my rent income to grow at twice the rate and produce a significantly higher income.

Adding nicer finishes and fixtures can make it more attractive to buyers, but rarely increases the value more than it costs for these updates.

I'd rather pay the $50-100 on something that the tenant will notice and make the house look more attractive to them.I've had good experience with Intermatic protectors in a few houses.

There's generally less of a "feeding frenzy" and thus more opportunities for a couple classes of property: 1) larger 5+ complexes weed out a lot of first time buyers who don't have the cash or experience to work in this space. 2) "C" ish properties tend to attract fewer offers than solid B+ properties in this market.

, what opportunities for upgrades there are (which depends heavily on the landscape - not just the landscaping), what needs fixed, how busy it is, and what the golfers and hotel guests think of it in its current state.I'd also want to know how much overlap there is between golfers and hotel guests, which business is attracting people to the other (if any), and if one business is helping keep customers at the other despite some shortcoming. 

Land is the one commodity no one can produce more of.