I don't do this for a living and have no real world experience, but at 40% down, even with a 7% int rate, that seems like a high monthly payment.

If you are new to the business the most common issue is you're either locking up deals too high or you aren't finding attractive deals.

Couple other things to consider, property / school taxes are high, and tenants have lots of rights.

While I don't object to spending money to do one's due diligence, I don't know if $500 is called for when you can get very high quality syndication groups/meetups/information for free.

There was a news reporter at the sale and they interviewed the high bidder, who admitted that they had not seen the property, but were certain that they would be building their family home there. 

If you decide to use them as managers who take a % of nightly rates, I HIGHLY recommend asking them about ALL fees that they charge - including the fees that "Guests pay". 

Here's the problem: They are not a sustainable asset for most to own; they are difficult and costly assets to exit through a sale; if you achieve favorable refinances, you may be able to use those funds to buy other (hopefully better assets) but are now faced with operating highly leveraged bad assets. 

This is a self directed RRSP or TFSA account that allows you to lend your money out to people with the backing of their mortgage for a high interest rate. 1st, 2nd, 3rd mortgages, down payments, refinances, flipping or renovation money.

But make that police report with the video evidence as the insurance company is going to want a copy.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.