What if the business is not producing, or actually generating a loss? 

If you add the option that the property is vacant, thereby no income is being produced, you may find a very highly motivated seller.

As I remember, the well was pretty low maintenance, while the septic needed regular attention. 

Easy stuff like water heater change outs should be a minimum number of billable hours (or flat rate) for a regular customer.  

I was hoping a vacation renter would give me some income from the place, sounds like that won't happen and I might be better off just doing a regular rental.  

This will free me up to acquire more 'real' investment properties that produce cash flow.The current tenant signed a 2 year lease which doesn't end until Jan '16.What are my options for getting rid of this property?  

I got started in the Real Estate world about 5 months ago when i realized that i needed to produce additional income.

Michelle Na - What would you say are the highest gross income producing properties in Big Bear between the $450,000 - $600,000 range?  

Im just staring to consider SFR flippin because it seems like a viable "active" investment that can produce "quick" cash to help build my passive portfolio. 

I do know of several deals that have not produced the returns forecasted.