Just out of curiosity, what town/lake is the beach house in?

I'd like to explore other possibilities.

I also just got approved by a local bank and trust here in town, they are willing to do the loans from 30-50K locked in around 3-5 years with a 15 year AM.

I didn't read all of this but yes I have had investors call me from these oil towns and they are talking about 4.5% caps etc. trying to buy stuff there and it just isn't working.They like the yield they can get in Georgia.If you do not want a low cap then you will have to go outside of that market if that is what every buyer is paying.A seller is not going to sell to you at a 10 cap when everything is trading at a 4 to 5 and people are beating down their doors to purchase.

I wish I could find an opportunity like that in my town!!!!

Another option to explore with an estate planning attorney is to keep this house in his name while transferring his other assets into a trust.

Old Killeen (around business 190) has a bad rep since that's considered a bad part of town but a lot of mom and pop shops are in that area.

There is a duplex down the street in a very nice section of town with very good rental market.

I also have a couple opportunities to work with some RE syndicates around town!

I've seen it before but just never explored it.