Is it a class A property in a great location?

I would take those attorney to court.I would find all the victims and do a class law suit against that attorney firm

. - Is this property in a Class C or D area?

Any C-class neighborhoods are more geared towards Section 8 and long term renters.

The cons are it's difficult to navigate the inspections (at least in the county we were in) and you're dealing with a class of tenant that is traditionally more difficult.

Our market is very heavy tourists, so a lot of individually owned STR condos, but honestly I've personally have had more success in long-term rentals doing the BRRRR strategy with small multi-families and B-Class SFR's. 

I am an investor based in Fairfield County, CT and just rejoined BP after many years away.From 2005-2011, I got up to ~150 units in SF & MF both rehab & new construction, Class B & C, but (regrettably) sold all to focus on institutional real estate and private equity.Since selling off, I got an MS degree in real estate and participated in most asset classes institutionally ($10-250mm+) with a focus on SF & MF.

For lenders/banks, quality vacation rentals are clearly a unique and reliably performing asset class..For investment properties these lenders typically require a minimum 20-25% down payment but since there is higher gross revenue, the investor can often qualify for a higher loan amount.

For my fix and flips I use the class designation (each property is it's own class).

But I've been renting class C in NY for ten years.