Hi Erin, I work for a property management company in Milwaukee, Wi, and here are some thoughts to consider: Vacation rentals- Pros: Higher Income Potential due to tourists, Flexibility, Shorter Tenant CommitmentCons: Inconsistent Income depending on demand and time of year, More Management Required, Wear and Tear because of constant turnoverLong-term rentals- Pros: Stable Income, Lower Management Effort, Predictable Expenses, Less Wear and TearCons: Long-term commitment (this can be pro or con depending on the tenant), Market Dependence The choice between vacation rentals and long-term rentals largely depends on your financial goals, management capacity, and the property’s location.

I'm thinking of a short term vacation rental (that'll just be about patching up a family property that happens to be in a heavily touristic area) and then in the future...

Ambergris Caye was the top tourist destination on Trip Advisor in 2013 and 2014.  

I'm just an investor in SFR/small MF and the vineyard/wine industry near there.

However, markets like Tennessee or the Carolinas might be better for AirBnB or short-term rentals, especially if they are tourist-friendly.

We manage a 100 properties in a tourist area and comparable properties listed on both platforms have 65% occupancy while properties only on AirBNB have 55% occupancy".

Completely in amazement at all the damage and feeling the heaviness from other homeowners that either lost a home or could be, due to the tourist numbers plummeting in the area for a long time!

I am on the journey to acquiring a charming 2-bedroom, 1-bath cottage in a popular tourist area.

Downtown str's have done well and it's convenient to the front gate of NAS Pensacola but you could also consider near the beaches of Perdido Key since that is convenient to the back gate and it's a more traditional tourist destination. 

Our tourists prefer gated communities with great amenities, not too far from Disney - Windsor Island, Solara, Windsor at Westside to name a few.