I could probably use existing cash plus a cash out refi to buy another VR in TN bug am wondering if flipping and/or apartment buildings is the way to go.

@Timothy Church, those are some of the most practical and helpful suggestions for building a VR business I've seen in a long time.  

The turn person leaves a new small bag of coffee each time the unit is turned over, enough to make a couple pots and get the guest through that first morning or two after traveling to the VR. 

So, that is my 30,000 foot assessment of both markets in less then 5 minutes but for me STR"s and VR's all come down to one thing....where do I want to visit when I'm managing them (and in your case, where do you want to actually live). :-)@Michael Greenberg is out of the Denver area and might have some insights on the CS market for you as well. 

Exactly one booking came from a VR website, and I have an ad on 3 or 4 of them. 

I will simply answer your 2nd question as a VR/STR owner as I have never started such a company.  

Counter to the OTA's desire, I treat my VR's as a very serious business and not a hobby. 

Porn....

There's porn coming from next door, too, Mike.

Biggest VR STR returns in the country