Any long term buy and holders using vacation rentals?

[Charles W.]

I have noticed a huge increase in competition in my area for homes, I've noticed that the major hotspots for vacationing still have very little competition, and prices are still falling. Has anyone had any success long term with vacation rentals? We are not talking condos on the beach here, but sfh in vacation areas (although if you've managed to make condos work that would be interesting as well).