Finding a Good Short Term Rental Deal

[Monica McCaskill]

I am new to real estate investing and I am reading "The Book on Rental Property Investing."  I am looking to find an investment property in my area, but the market in my area is very high at the moment. There are a few deals for beach front condos that need a little TLC. I am looking for advice on long term vs. short term rentals. To the people who have short term rentals: Is it typical to have cash flow each month from these properties, after the mortgage and expenses (including high HOAs due to beach front)? What vacancy rate do you use when evaluating these properties?