I'm from Orange County so I'm about 2 1/2 hours away, therefore I wouldn't be the best expert for you. 

Depending on how the Fix and flip situation goes for me, I will continue to do those as well.

I will try to continue this discussion in couple weeks.  

The search continues!

I gave the person the option to continue living there for the rent of my choosing, or I asked them to move. 

Personally, I would look a bit more but like I said am not an expert by any means.

This equity (or 75%-80% of it) can be accessed through refinancing every few years or you can let it continue to grow and capture all of it selling the home later.I really like these deals, but it depends if you are looking for cash flow or net worth growth.Avon and Brownsburg are really great areas to check in to... but the numbers have to work.

Many have posted a few great tips already, that's the cool thing about this forum ;-) That said, I highly recommend using the awesome tools provided here on BP to learn the basics of analysis and underwriting.A few tips to get started and your continued learning:Find and connect with other BP members that are in your area.Set up keyword alerts to be notified of the topics that interest you.Read Beginner’s Guide.Check out BP Podcasts.Find upcoming real estate events and meetups near you.If you'd like to tag someone in the conversation, type @ followed by their name and then select the name of that person that appears below the comments box.

Vacation rentals are so dynamic, and I think this may be a niche that I will continue to explore.

Ultimately, if they are trying to lock in a long term "good deal" for themselves they are really just screwing themselves because they are lowering the value of their property exponentially.You don't make clear whether or not you plan to continue using the PM.