Based on the limited info you provided, it looks like there is roughly $180k in Gain. 

I checked airbnb and vrbo and there are very limited options there for such long leases over the summer in Pensacola. 

He says that he's using an exposure limit loan to buy and resale properties to retail buyers.

But the agreement made it very clear I would not set up a PM because my brokerage has an existing PM arm.

With Property you know the limit of risk you are taking, but with Liability claims, you never know, so best to keep that with the carriers. 

If you’re looking to go more of the passive route, you may want to look into investing in syndications as an LP(Limited Partner).

I have seen some states require that you have a licenses, so don't require it, some put a limit on how big a job you can accept, or how you advertise.

Normal state rules would limit ADU to 50% of current dwelling.  

We are limited to your 2nd hand knowledge. 

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