After speaking with a broker in Virgin, UT, I learned that capitalizing on that  Zion national park tourist vacation rental market can be (relatively) pricey and challenging.My investor and I are looking for something close to nature or smack-dab in nature; but, still close enough to modern amenities to resolve any issues should they arise (emergencies/food etc).I learned that if you are in the mountains, you will more than likely not have year round access, no water/rights, 2 hours away from amenities and no management willing to make the drive to check on 1 cabin, needless to say it was a little discouraging to hear. 

Take your time and pencil out the cash flow as you described but put in property taxes and an allowance for emergency maintenance.

Who will handle emergency maintenance and quarterly inspections?

There are a lot of emerging markets and opportunities here in Chicago.

If there is a valid reason such as a family emergency or something of that nature I try not to be a heartless land lord but the truth is late payments are almost always a result of laziness and lack of priorities.  

Curiously, there is a brand new emergency staircase leading all the way up to the third floor, which cost some serious money to put in.

You probably wouldn't have sufficient cash reserves to deal with a potential maintenance emergency.

Some people can get emergency assistance for help for like 1 month a year.

Teach your tenants to always  text you in case of any emergency and then just forward the text to the handyman.

He's going to have emergency surgery and may be off work for weeks or even months.