Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts.

Yes, this can be very dangerous, we always use a licensed contractor that has pulled the permits.  

It scares me thinking about trying the Airbnb route but this area has two distinct tourist seasons in the summer and winter so it might be worth it for at least some of the units.

Moreover, the government has made it very clear that it wants to attract foreign investment and a measure like that would be totally counter-productive and downright dangerous and negative for the country and it's the economy.

It’s true that while the 10% down payment for a second home sounds appealing, the fact that rate adjustments are now similar makes the distinction less about cost and more about strategy.A few years ago, I helped a couple in San Diego navigate this exact decision.

Ready REI insisted that these repairs were unnecessary however 1) there is no way that we could get the rent that Ready REI advertised without repairs and 2) without repairs, the house was not just dangerous, but also uninsurable.

If you can't make a distinction, then you haven't defined your criteria well enough yet.

Quote from @David Kanarek: DANGER !!!

I also think that if I can make all of my money back in 4 years with a cash out refinance, what is the danger?

You are entering a dangerous area.