This is a very valuable skillset to have in your arsenal as an investor that can dramatically increase your net worth in a short period of time if the strategy is applied correctly.  

In short, this would be an entirely appreciation-based investment.Given the state of the economy today, with high interest rates and the seller-buyer lock out effect, I want to discuss the pros and cons of this investment at length, specifically in the context of all the other properties / neighborhoods that I have been evaluating. 

Lots has changed over the years.Managing it yourself from a distance can be done, but it will require your team to be built and for you to have back up strategies if guests need attention and you're unavailable. 

Long term/ short term rentals would work, ideally in the $400k range or lower. 

I think Rooms to go would be a good option to get you started given your distance.

I have a guy who has been here since July, but I renew his short term stay for two weeks at a time, every two weeks.

I've never seen a new STR law that didn't grandfather in existing permitted short-term rentals.

I have family down there and they are driving for dollars and I will be long distance investing with them.

All of the partners I've onboarded over decades start out great, only a small number will go the distance.

In a great and popular location with rising rents and upside on price with renovations but also that will cost in the short term to improve the property.