Maybe, not sure...it's unpredictable. 

Renters are too unpredictable.

That being said if your flippers sell to buy and hold investors, many like to avoid condos for the exact reason of unpredictable/unreasonable HOA Fees.

Five years ago it seemed more obvious to me where to invest in paper assets but these days the market seems like a roller coaster and unpredictable.

Don't think so, but I don't think we're far from it.I see unrelated, unpredictable events, such as unrest in the middle east and a huge earthquake in Japan, as having as much or more effect than lending guidelines.

This is not a problem with your typical rental property, the rent is pretty much always going to be paid each month with few exceptions.2) Due to these unpredictable fluctuations in demand, it's harder to accurately estimate what kind of cash flow you can expect on a vacation rental.  

Steve would have had the ability to settle down his roots here instead of being priced out of the NYC location.I know Investors tend to think of only in terms of Today and find it very unpredictable to think of tomorrow, but please remember that even Squirrels think about tomorrow as they put away their Nuts for the Winter.

Just like a previous poster said 9-5 5 days a week, paid vacation sick leave ect, its a predictability that many people want and are truly happy with.Then there are those who see past that, who want more than this, and who seek that satisfaction of (and mabey a bit of adrenaline rush) of making those deals, dealing with unpredictability, and those who want to work on their own terms.

Cash flow is something I can put in my pocket now; appreciation I must wait for and the timing is unpredictable.

Lower quality tenants who want to live in these neighborhoods will affect your ROI down the road in unpredictable ways with higher vacancy costs and more damage.