I'm interested in learning a bit more about typical vacancy percentages, size of the local population being serviced, reasonable percentage of effective gross income for expenses, etc. as well Peter.Hopefully some experienced member(s) will sound off!

This "analysis paralysis" can prevent them from acting on opportunities out of fear of making the wrong decision.I’ve experienced this journey myself.

I know a lot of builders up there, but not very experienced with the flipping model.

I tell folks all the time if you cannot get someone experienced (Fannie/Freddie for example)  to give you money  to buy the condo you do not want to buy it. 

Some experienced developers can handle these steps  if they have the time and know what to look for. 

A solid exit plan reduces the risk of default.Check Their Liquidity: Even experienced borrowers can run into trouble if they don’t have reserves to cover unexpected costs.

As a new investor, you should be looking to put together a strong, experienced team to help you side step any landmines you are bound to run into.

It seems if you are far away from this property then it might be a good idea to consider hiring the services of an experienced property manager who really could provide ongoing communication during the whole stay.  

You are experiencing the lumpiness of capex, and the business operations.

My contact has been non-communicative and I'm wondering if he's experiencing cash flow issues and just trying to bide his time, or if there's a deeper issue and he's on the verge of bankruptcy.Any advice you can provide for this situation would be GREATLY appreciated.