Start networking every chance you get;  that is where the real deals and info are!  

Michael Ash - is there any chance your neighbors are racially/socially discriminating?

Passive losses are limited to $25,000 per yearAnd that phases out as soon as your income is over $100k and totally goes away at $150kHowever- if you did work to both, there's a good chance it could/should be capitalized and depreciated over several years vs. just expensed all at once. 

I used to work in Multi Family for a long time, and any time I ever had to fire my maintenance super (he had a free apartment), we usually had to evict if they did not vacate within thirty days after we had terminated his or her position.2nd, Change ALL of the locks immediately after you let him go, never risk the chance that he has keys or gave keys to someone else, you could be setting yourself up for a liability issues, and that will be a lot more than re-keying some locks

It's a lot more professional and the chances of getting a signed contract increase exponentially.

Get a independent appraiser over to view the property and give you a better idea of comps whiles it's still for sale.. once it gone you won't have the same chance.. what's other lakeshore homes in surrounding areas going for.. what makes a property like this valuable is the setting the view, sunsets, sunrises and quality of the lake, and lake size and what the lakeshore is like. sometimes the price is hard to justify but from the owners point of view he's got the best and maybe he's right you won't realize that until you research more or when it's gone and you have to start over..Good luck.

This renter could have been looking for other places knowing that there is a chance he would not get the place.  

Didn't get a chance to type in my message before sending.  

In my opinion, I think taking a chance and traveling every 3-5 years will give us insights and experiences in places that we couldn't even imagine.

Not much chance for development.