Your msiexec commandline has the wrong order. The parameter "/i" followed by the .msi file has to be first. Like this:
msiexec /i "<path>\CloudbaseInitSetup_Beta.msi" /qb /l* "<path>l.txt" TARGETDIR="F:\Program Files (x86)"
Don't forget the double quotes for all three parameters containing path values. Furthermore, if your msi file needs elevated rights, which is normally needed, when installing to one of the "Program Files.." directories, you have to specify full pathes, because you loose the current directory during elevation.
So writing "/i .\mydir\my.msi" would be a bad idea, because this is a relative path.