Are you betting on appreciation in your investment strategy?

Goodmorning Johana,Best bet is we refinance the note and see what kind of terms we can get going on this.Typically can close fairly quickly here in texas using hard money notes.

If you use AirDNA you can see true revenue versus revenue potential and a lot of comps I look at have considerable blocking.For my clients, may are truly second home buyers who do plan on occupying the property part of the year. 

You can probably do it in areas without zoning or farmland, but it is very difficult in a traditional residential zone.Your best bet is to look for areas along busier roads that are currently residential and turning commercial or already turned commercial with lingering residential.

If you're using all cash then obviously that's not an issue.Another thing to consider is if the land has deed restrictions, checking on the city website or MLS would be your best bet there.I'd love to learn more about what you're trying to do and maybe be able to help answer any questions you might have!

There also seemed to be a lot more room to renegotiate management or purchase contracts versus residential where people tend to tell you things are set in stone. 

I do agree that mechanical upgrades are a good idea if necessary, those are almost always a safe bet for ROI and resale-ability.

In vacation markets, I'd be a lot less concerned about changing rules on Airbnb and would expect stronger appreciation, versus in a normal city.

I think property managers are like other service providers (real estate agents, contractors, etc) in that it is much easier to find a bad one versus a good one.

Quote from @Thomasina Pearce: Quote from @Gladimir Lobo: Heading downtown to try your luck at Jack's is a much better bet.