Also if your looking to invest in emerging markets that you see opportunity for growth you can buy shares here in the US through a brokerage.

Architecture has been my passion ever since I was a destructive young boy, and like most enthusiastic and idealistic emerging architects, there is a moment of reckoning when you discover the disconnect between how imagine architecture and the realities of the profession/industry.

Have you considered Santa Fe or Albuquerque as emerging markets?

Essentially you are saying that you want to put all your eggs into one basket, no room for error, no emergency fund for yourself or your properties, only to have cashflow of $22.6K that is likely barely enough to live on let alone reinvest, and just hope you always have renters, nothing breaks, or the economy doesn't experience a downturn.  

In terms of IBC 2012  egress is covered in chapter 10 part 1029  Emergency Escape and Rescue. 

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.