MFA are involved and recommended Zeker - this thread has me second guessing proceeding with them - any further thoughts on using them? 

The STR is a lot more work and even if you get a manger, you may have to be involved.

You need to drive short distance on private street and then up ~150’ driveway.  

And if you can, put one that's a little distance away. 

You are possibly setting yourself up for immediate failure.....there are too many moving parts and too much money involved to mess up this facet of the project.

Check out the book "Long-Distance Real Estate Investing" by David Greene.

Permits may be needed for bedroom or bathroom modifications, especially if plumbing, electrical, or structural changes are involved.

Other comps are starting to come up in price but again, as they remodel, have better views, beach distance.

A common strategy used by investors, such as those operating through PadSplit, involves purchasing the property, completing basic rehab, refinancing, and then using cash for the interior build-out.Another potential red flag, even without converting common areas, is the addition of individual locks on bedroom doors.

@Jonathan Cooper - Sounds like a short-tax year is involved.