He says you want to be where you can get caught up in the "white hot jet stream of runaway appreciation."

Multiple streams of income by diversifying the types of investments you have is never a bad idea IMO.

Income - consistent, stable personal income stream - this is true whether you are w-2 employed or self-employed.

Stated Income ALT loan programs for Florida are filling the void.These programs are much more lenient and allow Alternative income streams to qualify such as: Liquid Asset calculations for incomeBusiness Bank DepositsPersonal Bank Deposits Expected Income New Employment income1099 IncomeCommissions & BonusesAccount ReceivablesNote Receivables Contracts for future incomeNew Rental IncomeExpected Rental Income from property planning to rentConsiderably different calculations on Tax returnsHas anyone seen these new Stated Income ALT programs that are filling the void between Fannie Mae and Hard Money?

The power bills can be really high as well.Good gym operators tend to have nutrition bars, personal training, etc. for multiple revenue streams to boost profit.I look at liquidity and net worth to prop up the business.

I´ve bought and rented in all of these categories in Pinellas and single families in nice areas generally have a much more stable income stream.

I think it would be appealing since he would receive a stead income stream.  

My thought is that I would "pay" him to manage the other property.If I financed on 15 year mortgages, I would have a significant rental stream in year 16 plus appreciation..Any thoughts?

As @Charles Worth @Dawn Anastasi  @Jay Hinrichs @James Wiseand others have mentioned this path is not truly turnkey and your participation is futher down stream. 

Do you want a steady stream of consistent cash flow to live off of?